Gold futures are drifting higher on Thursday with the move supported by a modest dip in the U.S. Dollar against a basket of major currencies. Falling Treasury yields and a drop in demand for equities are also underpinning gold prices.
Capping the market this week are concerns that a COVID-19 vaccine would open up the global economy faster than expected, dampening the need for aggressive fiscal and monetary stimulus.
Underpinning prices are worries that the vaccine would take months to distribute and become effective, which would be too late to avoid another economic downturn in the global economy. This would increase the need for more stimulus measures.
At 02:34 GMT, December Comex gold futures are trading $1867.40, up $5.80 or +0.31%.Daily December Comex Gold Daily Swing Chart Technical Analysis The main trend is down according to the daily swing chart. A trade through $1848.00 will signal a resumption of the downtrend with […]
November 12, 2020 (updated November 12, 2020) Published by StockMan