Home Gold News Gold Edged Higher On Tuesday Buoyed By a Softer Dollar

Gold Edged Higher On Tuesday Buoyed By a Softer Dollar

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Gold edged higher on Tuesday buoyed by a softer dollar, with investors focusing on the first U.S. presidential debate and progress on a new U.S. stimulus bill. Spot gold rose 0.15% to $1,883.69 per ounce. Prices rose 1.1% in the previous session, its biggest one-day gain since late August. U.S. gold futures were up 0.4% at $1,889.70. The dollar index was down 0.1% against rivals, having recorded its biggest daily percentage drop in a month on Monday. President Donald Trump and former Vice President Joe Biden will square off in their first presidential debate later in the day, with five weeks to go until the Nov. 3 general election. U.S. House of Representatives Speaker Nancy Pelosi said on Monday that Democratic lawmakers unveiled a new, $2.2 trillion coronavirus relief bill, which she said was a compromise measure that reduces the costs of the economic aid. She did not say when there would be a vote on the latest proposal.The European Union and Britain both said a post-Brexit deal was still some way off and differences persisted on Monday over putting in place their earlier divorce deal as they began a decisive week of talks in Brussels. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.16% to 1,268.89 tonnes on Monday. Silver fell 0.1% to $23.68 per ounce.

Silver Speculative Longs See Minor Increase

Large precious metals speculators increased their bullish net positions in the Silver futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Silver futures, traded by large speculators and hedge funds, totaled a net position of 38947 net contracts in the data reported through September 21st 2020. This was a minor weekly rise of 598 net contracts from the previous week. Net longs continue to rise from a 13 month low.

TREND : SIDEWAYS

Time                                      :           29/09/2020

Pivot                                      :           1871.07

Technical View                     :             LONG ABOVE 1882.37

Target                                   :            1893.68, 1905.61, 1928.21

Technical View                     :             SHORT BELOW 1865.07

Target                                   :            1859.11, 1835.51, 1824.58

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