Open Live Account

By Barani Krishnan — Gold prices ended up for the week but the “mini rally” of the past three days — which saw the yellow metal rise less than $10 daily on the average — came to an abrupt end Friday as volatility struck financial markets again in the absence of clear drivers.

From the stocks on Wall Street to crude oil on NYMEX, prices either gyrated or see-sawed in a range as upbeat U.S. Consumer Price Index data was offset by the continued standoff in Congress over a new coronavirus relief bill.

U.S. gold for December delivery settled down $16.40, or 0.8%, at  $1947.9 per ounce on New York’s Comex. It had risen over $27 in three previous sessions.

The spot price of gold, which reflects real-time trades in bullion, was at $1,942.80 by 3:56 PM ET (19:56 GMT), showing a decline of $3.38, or 0.2%.

For the week, though, December gold was up 0.7% while bullion showed a gain of 0.5%.

Notwithstanding that, gold remains way below Comex’s record highs of nearly $2,090 and bullion’s peak of above 2,073, both hit on Aug 7. 

Charts show that spot gold needs to get to at least $1,968 to recover some of the frenetic momentum that took it to last month’s record highs.

“The market’s reaction to $1,968 will give guidance on the further course of action,” said gold chartist Sunil Kumar Dixit. “But gold actually needs to close above $1,973 and cross above $1,993 to resume the bullish momentum.”

“On the downside, breaking below $1,935 and a close below $1,920 will prompt it to attempt the $1,900 handle. Further weakness can increase the chances of a lower low that may reach $1,850-$1,800.”

Source :

Legal: This website is operated by TRBHInternational Limited
Trading Rebate Broker is the TRBHInternational Limited , Room 2204,299QRC, 287-299 Queen’s Rond,Central
TRBHInternational Limited was incorporated on 05-JUN-2020 as a Private company limited by shares registered in Hong Kong. It’s company registration number is: 2949329.

Hong Kong Companies Directory – About TRBHInternational Limited’s information may come from different sources and aggregate fill. All information published on our website are for reference only. If you want to update any information on this page, please use your company’s official email account to contact us. When you give us your information, you do not need to spend any cost. Our goal is to help every business growth. This information may have been updated since the last change,please visit the official website of hong kong companies registry to check the latest results.

Risk Warning: Forex and CFD trading involves a significant risk to your invested capital. Please read and ensure you fully understand our Risk Disclosure.