Despite the beat in the US's unemployment claims, gold is still climbing on the day as the metal touched as high as $1809 before a minor retracement. This week marks the fourth week of jobless claims beats which is also boosting the equities market as well.
This could be a good sign for gold here as technical indicators are also helping price out. COT data shows an increase in buying futures contracts possibly due to the fears of inflation that have yet to reside from the minds of careful investors. And the fundamentals make a good case for the technicals to work out as well.
Gold is climbing today after bouncing up from the support level around the $1780s. It's now starting to look like there is a decent trend line to the upside that price is obeying pretty well, which could help bring price higher than $1812 at some point. If not, price could range around the $1780s and $1820 range, although it looks like this strong upward trend line can take price higher.
12/2/2021 US equities fell 5% from the highs after fears of a new coronavirus variant emerged and the first case was recorded in the US. SPX500 is up .10% on the day at the time of writing this. Our outlook The new omicron variant is definitely concerning most investors right now as the US will […]
Check out my previous G/U deep dive from early October here to see how we have progressed... Technical Outlook: Price has mainly been travelling in channels throughout the past year. As we saw the ascending channel formed post-Covid last year, price began retesting all previous key horizontal levels. Over the past couple of months, price has […]
11/30/2021 Gold price rose 0.59% on the day at the time of writing this in light of the uncertainty surrounding the Fed's policy towards the new variant and tapering of asset purchases. Our outlook I think gold will likely see some green today as the virus concerns can cause a slow in growth since the […]