Category Archives: Gold

gold markets trends

gold prices have seen profit-taking before the key technical level of $1850

The price of gold decreased on Friday when investors took profits after the previous trading day’s rally. However, Speculations on new US stimulus measures made gold more attractive as an inflation hedge, and the price of gold rose for the first time in four weeks.e

  At the time closing of the US market, spot gold closed at US$1838.51 per ounce, down US$1.99 or 0.09%. The highest intraday hit US$1848.09 per ounce and the lowest hit US$1830.09 per ounce.

Gold prices have seen profit-taking after four consecutive days of a strong rebound. This level is seen as a major obstacle because it has been a support level for the past two months: Montreal Said Tai Wong, director of bank fundamentals and precious metal derivatives trading.

  ”Gold’s response to the apparently weak U.S. non-farm payroll report is a sell-off rather than a rise, suggesting that bargain-hunting buyers may be temporarily satisfied,” he added, adding that there may be some mild but stable “planned sell-offs in ETF “.
The November non-agricultural employment growth in the United States was the lowest in six months, which is likely to boost expectations of fiscal stimulus. After the release of non-agricultural data, gold rose to a high, but then fell in shock.

  The latest U.S. non-agricultural employment report shows that the U.S. non-agricultural employment-population increased by only 245,000 in November, far below the expected increase of 469,000; the unemployment rate in November fell to 6.7%, the expected 6.8%, and the previous value of 6.9%.


Kitco Gold Survey: the price of gold may hit the $1,900 mark next week

Kitco Gold Survey: A dramatic change! The bulls come out next week, the price of gold may hit the $1,900 mark
10:08:01 2020-12-05 FX168
  According to the results of the Golden Week survey released by Kitco News on Friday (December 4), as the sentiment of Wall Street analysts and Wall Street investors has changed significantly, the gold market may rise further in the short term.

  The gold bulls seem to be making a big move again, as the precious metal experienced a strong reversal in the first few trading days of December. The gold market rebounded from a four-month low on Monday and hit its highest level in a week.

  Darin Newsom, president of Darin Newsom Analysis, said, “After the gold price rebounded from the key support level of $1767, we saw a strong reversal in the price of gold. From a technical point of view, short-term trends indicate that the price of gold will rise slightly next week.”

  This week, 14 professional analysts participated in the survey. A total of 10 analysts (71%) expect the price of gold to rise next week; at the same time, one analyst (7%) expects the price of gold to fall; three analysts (21%) hold a neutral view on gold.

  Meanwhile, in the survey that was conducted online a week ago, a total of 1,147 votes was received. Among these 743 respondents, 65% (or 742 people) said that they were optimistic about the gold’s performance in the upcoming week. Another 231 respondents (20%) said they were bearish, and 173 respondents (15%) were neutral on gold.

 The market sentiment has changed dramatically from last week. At the beginning of the week, most analyst’s had a negative attitude towards gold, and retail investors’ confidence level was at a multi-year low at the time. The gold price is expected to rise by 3-5% this week.

  Most analysts have pointed out that gold prices have rebounded from a 4-month low hit earlier this year in November, creating strong technical bullish momentum for the market.


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Shares finished mostly higher on Wednesday as information technology rebounded.
The Dow underperformed the broader U.S. stock market on Wednesday, as tech shares propelled the Nasdaq and S&P 500 to higher ground.

The major indices diverged at the close, with the Dow Jones Industrial Average (DIA) dipped 23.29 points, or 0.1%, to 29,397.63.

A surging tech sector propelled the Nasdaq Composite Index (QQQ) sharply higher. The Nasdaq closed up 2% at 11,786.43.

Meanwhile, the broad S&P 500 Index (SPY) of large-cap stocks gained 0.8% to close at 3,572.66. In addition to big tech, shares of consumer discretionary, consumer staples and communication services also rose sharply. On the opposite side of the ledger, energy, industrials, materials and financials declined.

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