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The week started off rebounding from last week’s sluggish numbers, with a weaker U.S. Dollar and lower Treasury Yields across the globe supporting the yellow metal.
Mid-week found the price of gold buoyed by a short-covering rally that was once again aided by a weaker U.S. Dollar and lower Treasury yields. I was told by some Wall Street traders on Wednesday that they have, for the most part, covered their short positions from the previous support levels of $1,261 in spot. I suspect this is one of the reasons we experienced a rally off the lows just a few days before.
THEN....The Fed Reserve comments came. Gold rallied eight dollars on the Fed’s announcement of a 25 basis rate hike AND on the news that the Fed were not inclined to increase their predicted three rate hikes for 2018.
Thursday saw the U.S. dollar and world stock markets tanking as doubts about U.S. tax reform rose, which gave gold a little extra umph. Additionally, gold prices got a boost on Thursday from the demand for retail products as the holiday season gears up for a final week of gift-buying frenzy.
This morning, with the dollar rebounding, crude oil dipping and U.S. Stock indexes expected to rise to record highs, gold drifted down.
Palladium continues to be a hero this year as it once again flirted with record highs yesterday. Just last week, platinum’s discount to fellow precious metal palladium reached its highest level since 2001. This morning, the metal is ebbing back on apparent profit-taking.
Author Name: Dillon Gage
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