Gold is 0.9% higher this morning – trade within a short-term consolidation
The gold futures contract fluctuated on Wednesday, as it gained 0.04%. The market is going sideways following its recent rally. Gold price has reached new medium-term high of $1,742.60 on Tuesday, as it was the highest since November of 2012 following breaking above $1,700 mark.
However, it got back below $1,700 and yellow metal’s price remained close to previous local highs. Mounting pandemic fears are supporting the demand side and gold is still acting as a safe haven asset. Read more...
Gold advances in an elliott corrective wave
Gold continues moving mostly bullish on Thursday fueled by the bearish pressure of the US Dollar Index, and the uncertainty risen by risk on economic growth raised by the virus.
The precious metal in its 2-day chart and log scale shows the advance that the price is developing since mid-December 2015 when the yellow metal found fresh buyers at $1,047.75 per ounce. Read more...
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