The XAU/USD pair rose sharply ahead of the Christmas holiday and extended its rally two days later when investors returned on Thursday. After touching its highest level since early November at $1514 on Friday, however, the pair lost its momentum and was last seen trading flat on the day near $1513.
Analysis
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PRECIOUS METALS VOLATILITY KEEPS HEADING LOWER, BUT GOLD PRICES ARE NOT….
Precious metals like gold have a relationship with volatility unlike other asset classes. While other asset classes like bonds and stocks don’t like increased volatility – signaling greater uncertainty around cash flows, dividends, coupon payments, etc. – precious metals tend to benefit during periods of higher volatility.
Russia Increase Gold Production more than 185.1 Tons – Gold Silver Reports
Russia increase gold production more than 185.1 tons of the precious yellow metal from January to July this year, according to recent data published by Russia’s Finance Ministry.
Spot Gold Expected trading Resistance $1,495 & Support $1,460
Spot Gold price tested the correctional bearish channel’s resistance and keeps its stability below it, accompanied by stochastic loss to the positive momentum gradually.
Gold Prices Trades in a Narrow Range $1470—$1480
The price of gold trades in a narrow range even though US Treasury Secretary Steven Mnuchin sees the Phase One trade deal being signed in January, and the precious metal may continue to consolidate over the coming days as market participation is likely to abate ahead of the holiday period.
USD’s Performance Likely to Keep Pair’s Upside Limited – Gold Silver Reports
The data published by the US Bureau of Economic Analysis revealed that the economy expanded by 2.1% on a yearly basis in the third quarter (final estimate) and helped the greenback gather strength against other major currencies. As of writing, the US Dollar Index was at its highest level in 10 days near 97.60, adding 0.2% on a daily basis.
Gold Price Forecast Bearish on GDP Data, Easing Trade Tensions
US-CHINA TRADE WAR: THAWING RELATIONS OR TEMPORARY RESPITE? On Thursday, the US and China reached a “phase 1” deal in principle. Officials are expected to delay the much-dreaded December 15 tariff hike which would see Washington impose over $160 billion worth of levies against Chinese-imported goods. Beijing also announced on the same day that it intends on purchasing $50 billion worth of US agricultural goods.