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Gold is dropping from a 3-week high


Mary B
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Gold is dropping from a 3-week high

Date posted: 12.10.2020 | 08:03 GMT

Gold is dropping from a 3-week high

Reuters

Gold is dropping from a 3-week high

 
 

Today, Monday, gold prices fell from their highest level in three weeks, as the dollar recouped some of its losses after it encountered a new US rescue package to alleviate the repercussions of Corona opposition.

Spot gold fell 0.1 percent to 1927.11 dollars an ounce, by 06:29 GMT, after reaching its highest level since September 21 at 1932.69 dollars earlier in the session.

This came in contrast to US gold futures, which rose 0.5 percent to 1934.70 dollars an ounce.

"The dollar index rebounded slightly, which put pressure on the precious metal," said Margaret Yang, an analyst at the "Daily Fix", which covers trading currencies, commodities and indices.

However, she added, "the technical trend has turned to the upside in the near term, and very soon, it may test the main resistance level of $ 1942."

The dollar index settled and is trading below its three-week high against its rivals, after negotiations over a US stimulus package faced opposition, while the yuan retreated after the Chinese central bank took action seen as aimed at limiting the currency's strength.

Gold is considered a hedge against inflation and the depreciation of the currency, and the yellow metal has gained more than 27 percent since the beginning of this year, supported by unprecedented stimulus measures globally to alleviate the economic repercussions of the Covid-19 pandemic.

Source: "Reuters"

https://arabic.rt.com/business/1162635-الذهب-ينخفض-عن-أعلى-مستوى-في-3-أسابيع/

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Gold falls as the dollar recovers and investors await the US stimulus
 
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Economy News _ Baghdad

Gold fell on Tuesday with the recovery of the dollar, but the price of the precious metal may receive future support from an American stimulus package that increases its attractiveness as a hedge against the resulting inflation.

And gold in the spot market fell 0.3 percent to 1917.16 dollars an ounce, and gold in futures trading in the United States fell 0.4 percent to 1921.20 dollars.

The dollar index rose 0.1 percent against its rivals.

Regarding other precious metals, silver fell 0.8 percent to $ 24.90 an ounce, platinum settled at $ 872.94, while palladium increased 0.5 percent to $ 2413.38.

 

Number of observations 33   Date of addition 10/13/2020

https://economy-news.net/content.php?id=22241

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  • 5 months later...

Gold is beginning to resume its cyclical bull market. Its short-term correction is over with a solid double bottom now in place.

 

Back on March 8th, gold bottomed at $1,673.30 per oz and over the following 24 hours it bounced by $45.40 to a high on March 9th of $1,718.70 per oz.

 

This time around, gold bottomed on March 30th at a higher low of $1,678.30 per oz and has since bounced by $52.80 to a high so far today of $1,731.10 per oz.

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  • 1 year later...

Along the "cycle" theme....

CL

 

 

http://inflation.us/sites/all/themes/themag/logo.png 

Gold's correlation with the U.S. Dollar Index over the last 252 trading days (one year) has reached a positive 58, which is extremely rare, but when it happens gold rallies BIG over the following months 100% of the time!

 

Prior to today, the most recent time that it occurred was on May 29, 2020, with gold at $1,751.70 per oz. Over the following 10 weeks, gold rallied by 19.27% to a new all-time high on August 7, 2020, of $2,089.20 per oz!

Prior to then, the most recent previous time that it occurred was on September 10, 2019, with gold at $1,499.20 per oz. Over the following 7 months, gold rallied by 19.32% to a new 8-year high on April 14, 2020, of $1,788.80 per oz!

Prior to then, the most recent previous time that it occurred was on July 12, 2010, with gold at $1,196.10 per oz. Over the following 14 months, gold rallied by 60.83% to a new all-time high on September 6, 2011, of $1,923.70 per oz!

Prior to then, the most recent previous time that it occurred was on December 8, 2005, with gold at $522.70 per oz. Over the following 5 months, gold rallied by 40% to a new 26-year high on May 12, 2006, of $732 per oz!

When gold's correlation with the U.S. Dollar Index over the trailing 252 trading days (one year) becomes positive by 58, gold averages a gain of 34.855% in an average time period of 7.125 months! This means that gold is likely to rise to $2,522 per oz by January 15, 2023! Click here to see for yourself!

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5 hours ago, coorslite21 said:

Along the "cycle" theme....

CL

 

 

http://inflation.us/sites/all/themes/themag/logo.png 

Gold's correlation with the U.S. Dollar Index over the last 252 trading days (one year) has reached a positive 58, which is extremely rare, but when it happens gold rallies BIG over the following months 100% of the time!

 

Prior to today, the most recent time that it occurred was on May 29, 2020, with gold at $1,751.70 per oz. Over the following 10 weeks, gold rallied by 19.27% to a new all-time high on August 7, 2020, of $2,089.20 per oz!

Prior to then, the most recent previous time that it occurred was on September 10, 2019, with gold at $1,499.20 per oz. Over the following 7 months, gold rallied by 19.32% to a new 8-year high on April 14, 2020, of $1,788.80 per oz!

Prior to then, the most recent previous time that it occurred was on July 12, 2010, with gold at $1,196.10 per oz. Over the following 14 months, gold rallied by 60.83% to a new all-time high on September 6, 2011, of $1,923.70 per oz!

Prior to then, the most recent previous time that it occurred was on December 8, 2005, with gold at $522.70 per oz. Over the following 5 months, gold rallied by 40% to a new 26-year high on May 12, 2006, of $732 per oz!

When gold's correlation with the U.S. Dollar Index over the trailing 252 trading days (one year) becomes positive by 58, gold averages a gain of 34.855% in an average time period of 7.125 months! This means that gold is likely to rise to $2,522 per oz by January 15, 2023! Click here to see for yourself!

Just to time stamp this....today Gold is selling for $1834.00.   CL

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