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Gold Pauses After Brief Rally

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COMEX Gold paused a little after recent spurt. The metal edged up near a three week high of $1937 per ounce last week. ETF demand remains high and US stimulus talks is also supporting the metal. However, the US dollar index edged up a little after testing three week low. COMEX Gold is currently trading down 0.65% at $1916 per ounce. If Gold corrects further then it could be a sign that rising equities are finally weighing on the metal. The US stocks extended winning spree yesterday as Democrats and Republicans inched closer to a stimulus compromise.

Gold prices inched lower on Tuesday

Gold prices inched lower on Tuesday as the dollar ticked up, although concerns over rising COVID-19 cases and hopes of a large U.S. fiscal stimulus being eventually released checked the metal’s decline. Spot gold slipped 0.1% to $1,919.51 per ounce. U.S. gold futures were down 0.3% to $1,923. The dollar index was up 0.1% against rivals, while Asian stocks were set to rise. Republicans in the U.S. Senate will go along with what President Donald Trump wants in coronavirus relief legislation, a White House spokeswoman said, as the White House pursues a deal with Democratic lawmakers. Trump had on Sunday called on Congress to pass a stripped-down coronavirus relief bill. There is reluctance among European Central Bank policymakers to follow the U.S. Federal Reserve’s move to target an average inflation rate, fearing this could tie their hands, sources involved in a revamp of ECB policy told Reuters. Holdings in SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.48% to 1,277.65 tonnes on Monday. Silver fell 0.4% to $25.02 per ounce

TREND : WEAK BULLISH

Time                                      :           13/10/2020

Pivot                                     :           1917.33

Technical View                     :           LONG ABOVE 1921.41

Target                                   :           1925.58, 1939.62, 1947.17

Technical View                      :           SHORT BELOW 1910.46

Target                                   :           1903.59, 1896.14, 1882.01

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