Gold prices sip early Wednesday “Gold enjoyed some mild reprieve yesterday but continues to hover near its three month lows,” the analyst wrote.

Persistent optimism about the prospects of cures and treatments for COVID-19 has, at least momentarily, overshadowed a rapid acceleration in cases in the U.S. and elsewhere in the world, which would normally underpin a rise in bullion and its sister metal silver, dealers said.

The global tally for confirmed cases of the novel strain of coronavirus that causes COVID-19 climbed to 51.5 million on Wednesday, according to data aggregated by Johns Hopkins University , while the death toll rose to 1.3 million. The U.S. has the highest case tally in the world at 10.3 million and highest death toll at 239,695 or about a fifth of the global totals.

Still, global stocks were mostly higher early Wednesday, with the Dow Jones Industrial Average DJIA, +0.90% poised to reach near […]

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Gold prices plunged as stocks soared based on news that US-based pharmaceutical company Pfizer had a 90% effective Covid-19 vaccine trial.

However, market risk factors will remain until a vaccine is officially available to the public.

The price of gold dropped more than US$100 an ounce on Monday to a three-month low of $1,849 an ounce, then slightly rebounded to close at $1,868, above the strong resistance line. Yesterday it rose to $1,880 an ounce.

In contrast, stock markets around the world rallied following news that could lead to a recovery for the global economy to pre-Covid levels.The SET index on Tuesday rose 4.31% to close at 1,341.24 points in trade worth 167 billion baht, making it the highest volume day of trade this year. The market was dominated by large-cap stocks, which included AOT (up 18.3%), KBANK (up 17.1%) and MINT (up 26.2%). Medical glove manufacturer STGT fell 21.7%.The progress of […]

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November is certainly shaping up to be an incredibly lucrative month for Commodity traders.

Gold pulled back on Monday to post its biggest one-day move in seven years on positive coronavirus vaccine news – presenting savvy traders with an incredible shorting opportunity.

Gold price came under intense selling pressure after pharmaceutical companies – Pfizer and BioNTech announced that their experimental COVID-19 vaccine was found to be more than 90% effective.

The vaccine news came after coronavirus infections worldwide exceeded 50 million on Sunday – with the United States accounting for the biggest number individually at 10 million.Traders viewed the much-sought-after vaccine news as bullish for the global economy – immediately switching to riskier assets – signalling a series of massive selling opportunities across the precious metals complex.Looking ahead, the major market-moving events that traders will be watching closely for clues on gold’s next big move include; the outcome of […]

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Gold futures are rebounding on Tuesday after plunging more than $90 or nearly 5% the previous session as investors shifted their focus back to continued monetary policy support from worldwide central banks to revive a pandemic-hit global economy. Gold tumbled on Monday as optimism for a COVID-19 vaccine lifted appetite for riskier assets.

At 13:47 GMT, December gold futures are trading $1873.30, up $18.90 or +1.02%. Steep Sell-off on Monday, but Bullish Issues Remain

Prices fell more than 5% at some point on Monday after U.S. drugmaker Pfizer Inc announced its COVID-19 vaccine was more than 90% effective based on initial trial results. The news fueled a repricing of assets as investors sold U.S. Treasury Bonds, bought equities and the U.S. Dollar. Interest rates spiked higher and demand for dollar-denominated gold fell.

Nonetheless, while vaccine optimism boosted risk appetite, concerns emerged over a mass roll-out of the new vaccine amid lingering […]

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When the Duchess of Cambridge stepped out in a metallic dress from cult label The Vampire’s Wife during her visit to Ireland in March, royal-watchers from all over collectively swooned.

The green ruffled midi dress – a style that has been worn by the likes of Kate Moss, Sienna Miller and Killing Eve’s Jodie Comer – certainly made for a modern moment for Kate.

MORE: Kate Middleton’s Remembrance Day outfit: the detail you missed

Her choice was the brand’s ‘Falconetti’ dress, made in beautiful emerald silk and costing £1,595. Woah. WATCH: Kate Middleton shares look inside never-before-seen room However, should green not be your colour, you’ll be pleased to hear that this stunning and ultra-flattering frock now comes in gold – and even better news, it’s in the sale! The Vampire’s Wife ‘Falconetti’ dress, £1,116.50, Liberty London Keeping its ruffle-sleeved silhouette, metallic chiffon lined with silk and its flouncy and […]

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Image courtesy of the Trump Statue Initiative. With millions of ballots still to be counted, Donald Trump claimed early Wednesday he had won re-election and said he would ask the Supreme Court to intervene.

Earlier, Joe Biden said he was “on track to win this election.” While his chances of an Electoral College victory have improved as votes come in, it looks likely that the final result may not be known for some time.

A Biden victory could pave the way for the roll-out of more fiscal stimulus that could lift equity and commodity markets — particularly gold, which benefits from a weaker dollar due to money printing — in the near term.

“Delays to any conclusive outcome over the next few days should keep commodity-market volatility elevated as investors wait for more clarity,” said Darius Tabatabai, head of trading at Arion Investment Management Ltd.“The confidence that market participants had earlier about […]

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Gold has been on a free-fall since Pfizer announced that its COVID-19 vaccine candidate has proven to have a 90% efficiency rate. Moreover, the pharmaceutical firm’s approach is also used by other companies, and other vaccines could also win approval afterward .

Immunization optimism makes fiscal and monetary stimulus less urgent than it used to be, and that is adverse news for the precious metal.

How is XAU/USD positioned on the technical charts?

The Technical Confluences Indicator is showing that significant support awaits at $ 1,848 , which is where the Pivot Point one-month Support 1 hits the price.It is followed by $ 1,841 , which is where the PP one-week S2 and the Bollinger Band 15min-Lower converge.Looking up, immediate resistance is at $ 1,860 , which is the confluence of the previous 1h-low, the previous monthly low, and the BB one-day Lower.The most notable upside target is $ 1,877 , which […]

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( Kitco News ) – Gold and silver futures prices are posting decent gains Tuesday morning, following the strong losses posted Monday. The precious metals bulls are now trying to steady their markets and working to prevent more serious chart damage from being inflicted. December gold futures were last up $21.00 at $1,875.00 and December Comex silver was last up $0.44 at $24.145 an ounce.

The gold market Monday saw strong losses that were the worst in seven years and pushed prices to nine-week lows. Gold market bulls on Tuesday are focusing more on the economic impact of record-setting monetary stimulus measures that have been enacted by central banks over the past six months, and probably more stimulus […]

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Allison Joyce/Getty Images Gold futures were rising early Tuesday, as the precious metal attempted to recover a portion of the decline from the sharpest daily drop in seven years on Monday.

The yellow metal’s decline was prompted by a Pfizer-BioNTech PFE, +7.69% BNTX, +13.91% report that their experimental coronavirus vaccine showed 90% efficacy in Phase 3 study. However, bullion investors may be reasoning that the commodity fell too sharply and that some of the supportive elements that have helped buttress gold over the past several weeks and months persist.

“It seemed that at this point investors realized that central banks will still be forced to print money and the crisis is not over yet,” wrote Carlo Alberto De Casa, chief analyst ActivTrades in a note.

“Despite yesterday’s drama, the price may yet still remain in the lateral phase of the last few weeks,” the commodity strategist wrote.December gold GCZ20, +1.18% GOLD, -6.82% […]

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ELKO, Nev., Nov. 10, 2020 /PRNewswire/ — U.S. Gold Corp. (Nasdaq: USAU ), today announced the results of the Company’s annual shareholder meeting that was held virtually on November 9, 2020 at 8:00 AM PT.

The following proposals were approved by the Company’s shareholders at the meeting: Conversion of the Company’s Series H Preferred Stock into common shares

Conversion of the Company’s Series I Preferred Stock into common shares

Election of five directors (Edward Karr, Ryan Zinke, George Bee, Robert Schafer and Tara Gilfillan), to hold office until the next annual meeting of shareholders and until their respective successors have been duly elected and qualified The amendment to U.S. Gold’s 2020 Stock Incentive Plan Ratification on the appointment of Marcum, LLP as U.S. Gold’s independent registered public accountant for the fiscal year ending April 30, 2021 Edward Karr, U.S. Gold Corp.’s Executive Chairman, stated, "We are […]

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Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) After shedding $100 within hours, the gold price is back in recovery mode Tuesday, and that is to be expected, according to Commerzbank, which says it’s too early to rule out coronavirus from the equation.

"It is still too early to dismiss the threat posed by corona," said Commerzbank analyst Carsten Fritsch. "It will take some time yet for sufficient quantities of any vaccine to be made available and for widespread immunization to be achieved."

Monday’s news of progress in the development of a COVID-19 vaccine has sent precious metals lower and stocks higher as investors began to price in less stimulus in the future.

"In a matter of hours, the price plunged to $1,850 per troy ounce. For a […]

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Gold is staging a rebound following Monday’s slump.

XAU/USD stays below a cluster of moving averages.

A daily close below $1,850 could cause the outlook to turn bearish.

After climbing to its highest level since mid-September at $1,965 on Monday, the XAU/USD pair made a sharp U-turn and suffered its largest daily percentage decline since early August. The pair closed at $1,861 and lost 4.58% but started to erase its losses on Tuesday. As of writing, XAU/USD was up 1.2% on the day at $1,884. Gold technical outlook Despite Tuesday’s rebound, XAU/USD continues to trade below the 20-day, 50-day and 100-day SMAs, which are currently located around $1,900 psychological level. Additionally, the Fibonacci 50% retracement of the June-August uptrend is reinforcing this resistance area. Meanwhile, the Relative Strength Index (RSI) indicator on the daily chart stays below 50, suggesting that the pair is making a technical […]

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Summary

Gold made a breakout run last week while the US dollar dropped hard.

But the gold breakout run may be a fake one.

Holding gold and gold miner stocks will not generate very good investment returns in the next few years. This idea was discussed in more depth with members of my private investing community, Momentum Play. Get started today » Gold Made A Breakout Run Last Week While The US Dollar Dropped Hard Many factors could influence gold prices. But the US dollar 2020’s ups/downs must be the deciding factor for the gold price movement. Gold’s recent run proved this one more time.Gold made a strong breakout run last week while the US dollar dropped hard. See the charts below: US Dollar – 92.22.The US dollar was flat last Monday and dropped 4 days in a row. So far, the US dollar is still traded within the 92.00-95.00 range […]

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Gold prices rebounded from support levels after getting hammered on Monday. The 10-year US treasury yield continued to rise increasing by 2-basis points after surging on Monday. US yields rose following news that Pzifer announced that it had great success with its COVID-19 vaccine. The dollar edged lower, paving the way for higher gold prices. Job openings in the US were little changed in September according to the Labor Department.

Trade gold with FXTM Technical analysis

Gold prices rebounded near support levels which coincides with the September lows at 1,848. Resistance is seen near the 10-day moving average at 1,897 and then the 50-day moving average at 1,909. Short-term momentum is negative as the fast stochastic generated a crossover sell signal. Medium-term momentum has turned negative as the MACD (moving average convergence divergence) index generated a crossover sell signal. JOLTS Was Little Changed

The number of job openings was little […]

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Editor’s Note: Get caught up in minutes with our speedy summary of today’s must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here! (Kitco News) – The gold market has been stuck in a fairly narrow range for nearly two months, and time is quickly running out if the precious metal is going to see a new high above $2,000 an ounce by year-end.

However, one market analyst says that gold’s destination is less important than the journey that it is currently on. In a recent interview with Kitco News, John LaForge, head of real asset strategy at Wells Fargo, said that he is maintaining his updated year-end target at $2,100 an ounce; however, he added that time is running out to achieve that goal. Rather than looking at year-end targets, he said that investors should pay attention to the long-term uptrend.

LaForge noted […]

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Gold bugs are losing their grip and focus is on the downside.

Bears can seek a full test of familiar Fibs and potentially take on confluence areas in a deeper retracement.

Gold prices are trapped between support and resistance but there is a bearish bias until a full test of at least the 38.2% Fibonacci retracement level.

The following is a top-down analysis that illustrates where there could be, first, a bullish opportunity in a healthy correction, to second, a subsequent downside extension. Monthly chart Bears seeking a fuller retracement, eye the 38.2% Fibo and a 50% mean reversion thereafter.At a stretch, the 61.8% Fibo has a confluence with prior resistance structure. Weekly chart The weekly chart shows that the price has been firmly rejected in the prior structure and marks a trendline resistance as well.Support holds and could equate to a meanwhile upside correction prior to the […]

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Gold futures edged higher on Tuesday, but gains were likely limited by a slightly stronger U.S. Dollar and steady-to-higher U.S. Treasury yields. Generally soft demand for higher risk assets also underpinned gold prices after yesterday’s steep plunge. Some traders said concerns over the speed over of the global economic recovery and expectations of further fiscal and monetary stimulus offered support to dollar-denominated asset.

At 21:39 GMT, December Comex gold futures are trading $1875.30, up $20.90 or +1.13%.

On Monday, gold dropped 4.6% after U.S. drugmaker Pfizer Inc said its COVID-19 vaccine was more than 90% effective based on initial trial results, lifting U.S. equities to record highs.

However, shares eased on Tuesday as worries about the extent of the COVID-19 pandemic’s economic impact resurfaced. This helped underpin gold prices. Furthermore, gold buyers are anticipating more accommodation from the central banks and additional fiscal stimulus from governments.Daily December Comex Gold Daily Swing Chart […]

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The gold futures contract lost 4.99% on Monday following global financial markets’ euphoria rally after Covid-19 vaccine news release. The yellow metal has retraced all of its last week’s advance. It came back down to $1,850 price level , as we can see on the daily chart (the chart includes today’s intraday data):

Gold is 0.7% higher this morning, as it is bouncing after yesterday’s relatively large sell-off. What about the other precious metals? Silver lost 7.64% on Monday and today it is 0.2% lower. Platinum lost 3.56% and today it is 0.2% higher. Palladium lost 0.03% on Monday and today it’s 0.5% lower. So precious metals are mixed this morning .

Today we will get some more Fed talk. The German ZEW Economic Sentiment has been lower than expected at 39.0 earlier this morning.

Below you will find our Gold, Silver, and Mining Stocks economic news schedule for the next two […]

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( Kitco News ) – Gold has found some support at the consolidation low of $1850 per once. If this level breaks on the downside then the next major support zone is at the green line ($1788.8). This level was the resistance back in April and was pretty stubborn at the time. There is another support zone to look out for and it is the red line under the current price level which connects the wave low from 12th August and 25th September. This is not the strongest trendline in the world as it only has two touches but it cannot be ignored. The silver chart is also looking pretty bearish. It’s hard to know if this […]

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Gold has attempted a recovery after being hit hard by the news of a breakthrough in developing a coronavirus vaccine. The dramatic announcement by Pfizer and BioNTech – of 90% efficiency in their immunization candidate. A swift bounce from the covid crisis makes additional fiscal and monetary stimulus unnecessary, leaving fewer funds to flow into the precious metal.

However, XAU/USD is now bouncing. How is it positioned on the technical charts?

The Technical Confluences Indicator is showing that Gold is battling the $ 1,877 level, which is the convergence of the Simple Moving Average 10-15m and the Fibonacci 23.6% one-month.

Some resistance is at $ 1,888 , where the Fibonacci 38.2% one-month hits the price.The next cap is $ 1,891 , which is where the previous 4h-high and the Bollinger Band one-hour Upper meet up.Support is at $ 1,873 , which is the confluence of the previous week’s low, the SMA 5-4h, […]

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The yellow metal rallied above 1% at the second trading session of the week after falling more than 5% yesterday. Investors and gold traders are going long amid the fall of the U.S dollar and signs in its recent price action showing it’s in an oversold condition. At about 10.05 am Nigerian time Gold futures were up 1.69% at $1885.60.

Sequel to Tuesday trading session, high price swing was prevailing at the yellow metal market on reports that Pfizer’s COVID-19 vaccine had a 90% efficacy, leading investors to quit the safe-haven metal for stocks, sending gold prices down hard.

What they are saying

Stephen Innes , Chief Global Market Strategist at Axi, in an explanatory note to Nairametrics, spoke on the present fundamentals disrupting the precious metal market, “Macro liquidation was the unanimous flow in gold’s $100 pullback and it explains the frantic price action. Massive stops in […]

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* More positive vaccine news negative short term for gold- analyst * Interactive graphic tracking global spread of coronavirus: tmsnrt.rs/3mvcUoa (Updates prices) By Asha Sistla Nov 10 (Reuters) – Gold rebounded on Tuesday, rising more than 1%, as investors bet on continued monetary support from central banks to revive a pandemic-hit global economy. Gold had fallen sharply on Monday as optimism for a COVID-19 vaccine lifted appetite for riskier assets. Spot gold climbed 0.9% to $1,877.86 per ounce by 1321 GMT on Tuesday, while U.S. gold futures rose 1.2% to $1,876.40. Prices slumped as much as 5.2% on Monday after U.S. drugmaker Pfizer Inc said its COVID-19 vaccine was more than 90% effective based on initial trial results. Attributing gold’s gains to investors reassessing their positions after Monday’s "euphoric moves", OANDA analyst Craig Erlam said a break above $1,900 would suggest gold might be realigning on likely monetary easing […]

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