Gold rejected off the strong support level
As my analysis yesterday stated that Gold would continue to go down due to fundamentals. It rejected off a strong support area and came back up. I am still holding my sell.
Gold closed higher today as the US dollar continues to weaken off 20-year highs touched last week while bond yields rose.
Gold for December delivery closed up US$13.60 to US$1,731.30 per ounce.
The price of Gold has found some support near the US$1,700 mark, even as the dollar last week rose to a 20-year high. Still, Gold has not lived up to its reputation as a store of value amid rising inflation and investors have turned to bonds and the dollar for protection from risk.
The dollar weakened on Thursday, with the ICE dollar index last seen down 0.1 points to 106.97.
Bond yields fell, bullish for gold since it offers no interest. The yield on the US 10-year note was last seen down 9.8 basis points to 2.934%.
Gold closed higher today as the US dollar continues to weaken off 20-year highs touched last week while bond yields rose.
Gold for December delivery closed up US$13.60 to US$1,731.30 per ounce.
The price of Gold has found some support near the US$1,700 mark, even as the dollar last week rose to a 20-year high. Still, Gold has not lived up to its reputation as a store of value amid rising inflation and investors have turned to bonds and the dollar for protection from risk.
The dollar weakened on Thursday, with the ICE dollar index last seen down 0.1 points to 106.97.
Bond yields fell, bullish for gold since it offers no interest. The yield on the US 10-year note was last seen down 9.8 basis points to 2.934%.