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Gold Prices Were Steady On Tuesday

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Gold prices were steady on Tuesday, having hit a near-two week high in the previous session, as a softer dollar countered pressure from an upbeat risk sentiment. Spot gold traded at $1,912.49 per ounce. U.S. gold futures were little changed at $1,919.30. Asia’s stock markets edged higher on Trump’s health update and prospects of a U.S. stimulus package, while the dollar index dipped 0.1% against rivals. U.S. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke on the coronavirus economic relief and were preparing to talk again Tuesday, continuing their work towards a deal on legislation. Chicago Federal Reserve Bank President Charles Evans said on Monday he expects U.S. inflation to reach 2% by 2023 and wants to push it to 2.5% to offset years of below-target price rises. The euro zone’s economic recovery faltered in September, with growing evidence that sectors and countries in the bloc are diverging as a resurgence of the novel coronavirus forces the reimposition of restrictions on activity. Silver rose 0.1% to $24.37 per ounce.

Silver COT Longs Increase

Large precious metals speculators added to 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 40730 net contracts in the data reported through September 28th 2020. This was a weekly gain of 1783 net contracts from the previous week. Net longs are now at two and half month high. The commercial trader’s position, hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -53199 contracts on the week. This was a weekly change of 35 net contracts.

TREND : SIDEWAYS

Time                                      :           06/10/2020

Pivot                                     :           1905.11

Technical View                     :           LONG ABOVE 1914.99

Target                                   :           1924.87, 1937.62, 1956.53

Technical View                      :           SHORT BELOW 1898.96

Target                                   :           1892.81, 1874.01, 1861.15

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