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Gold continued its fall doldrums this week, but now appears to be ending on a high note due to a late morning surge. A lower U.S. dollar and strongly higher crude oil prices took gold to a four week high in the last few hours, bubbly just below $1,300.
Gold started the week with a mild recovery from the preceding Friday’s sell-off that was sparked by selling in the Bond market that sent Ten-Year Treasury yields from 2.33 percent up to 2.4 percent.
Throughout the week, gold was handcuffed in its twenty dollar trading range. It seems the markets are waiting to see if the House and Senate can agree on a tax plan. The jury is still out on that outcome, and until it’s settled I don’t expect any significant movement in the price of gold.
For the most part, the gold and silver ETF’s also seeing hardly any movement.
CME Fed Watch Toll odds for a rate hike in December still stands at 91.5 percent. I expect that number to remain at or near that level until we have an outcome on the proposed tax plan.
Levels of support are still a distance away. In Gold not until $1,261 and in Silver not until $16.48 are the levels any longs would be concerned with.
Author Name: Dillon Gage
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