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Gold Supported As Fed Reassures On Lower Rates, Gold Likely To Track Global Covid-19 Spread

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COMEX Gold futures saw some buying on Friday as soaring worries over the Covid-19 spread provided good support to the metal. The metal had tanked to one month low of $1869 per ounce but edged up thereafter and ended around $1878 per ounce, up 0.58% on the day.

The number of coronavirus cases worldwide has crossed 46 million, two days after hitting the mark of 45 million. Gold could see some moderation if the US dollar index maintains its up move.

Gold edged lower on Monday weighed down by a stronger dollar, while investors awaited the outcome of Tuesday’s hotly contested U.S presidential election. Spot gold fell 0.2% to $1,873.87 per ounce. U.S. gold futures were down 0.3% at $1,875.00 per ounce. The dollar index was 0.1% higher against a basket of currencies, lowering gold’s appeal to other currency holders. With two days to go, Democrat Joe Biden holds a commanding national lead over President Donald Trump, but Trump has stayed competitive in the swing states that could decide the White House race. U.S. Senate Majority Leader Mitch McConnell on Friday said that any new coronavirus aid package should be considered in early 2021, possibly closing the door to such legislation shortly following Tuesday’s election. Speculators cut their net long position by 3,702 contracts to 131,609 in COMEX gold in the week to October 27, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday. Holdings in the SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, fell 0.1% to 1,257.67 tonnes on Friday. Silver fell 0.9% to $23.41 an ounce.

TREND : SIDEWAYS

Time                                      :           02/11/2020

Pivot                                     :        1879.43  

Technical View                     :           LONG ABOVE 1882.91

Target                                   :           1941.29, 1946.79, 1952.24

Technical View                      :           SHORT BELOW 1875.52

Target                                   :          1873.61, 1867.48, 1861.65

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