Gold saw some buying around one week low as traders eyed developments on the US fiscal stimulus bill and a bounce in crude oil prices. US stocks slipped as stimulus remained in a limbo and investors braced for third quarter earnings. The Gold traders also eyed the rising Coronavirus cases in Europe. The commodity slipped today though and currently trades at $1900 per ounce, down 0.37% on the day. Gold traders also focussed on reports that Johnson & Johnson has paused a late-stage trial of its Covid-19 vaccine candidate due to an unexplained illness in a study participant.
Gold prices fell on Thursday, weighed by a steady dollar
Gold prices fell on Thursday, weighed by a steady dollar and fading chances of a new U.S. fiscal stimulus package being finalised before the November elections. Spot gold fell 0.4% to $1,893.17 per ounce. U.S. gold futures were steady at $1,896.60.The dollar index drew support from rising corona virus cases and scant progress towards the U.S. stimulus deal. US. Treasury Secretary Steve Mnuchin said he and House of Representatives Speaker Nancy Pelosi were “far apart” on another corona virus economic relief package, and that a deal would be hard to reach before the Nov. 3 elections. The European Union and Britain are set to prolong Brexit talks past a mid-October deadline to try bridge stubborn gaps holding up a new trade agreement, according to sources and documents. The world’s mines will produce 3,368 tonnes of gold this year, down 4.6% from 2019 and the lowest in 5 years, but high bullion prices will help to push up output by 8.8% to a record 3,664 tonnes in 2021, consultancy Metals Focus said on Wednesday. Silver fell 1% to $24.05 per ounce.
TREND : BEARISH
Time : 15/10/2020
Pivot : 1900.78
Technical View : LONG ABOVE 1905.49
Target : 1910.21, 1922.02, 1931.12
Technical View : SHORT BELOW 1894.82
Target : 1888.87, 1879.86, 1867.94