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Gold sees slight gains silver solidly up and hits 5-wk high

Gold sees slight gains, silver solidly up and hits 5-wk high Gold and silver prices are higher in midday U.S. trading Tuesday, with silver sharply up and notching a five-week high. Gold prices have backed well down from the session high on profit taking by the shorter-term futures traders. A drop in the U.S. dollar index to a three-week low today and more bullish near-term chart postures for both metals invited buyers to step up. December gold futures were last…

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Another failure at 1800 what happened?

Another failure at $1,800, what happened? Gold's trading pattern got many analysts excited this week, with some even saying that hotter-than-expected inflation data was a game-changer for gold. But things didn't pan out as expected, with gold tumbling nearly $30 on Friday following a strong retail sales number out of the U.S. So what happened? Gold started to rally when the International Monetary Fund trimmed its global growth forecast, citing rising risks from supply chain bottlenecks, price pressures, and threats…

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Gold’s technical problem -‘Massive resistance’ at 1800 keeps gold price down analysts

Gold's technical problem –  'Massive resistance' at $1,800 keeps gold price down – analysts Gold ran into "massive resistance" at the $1,800 an ounce level, triggering a $30 retreat Friday. And analysts say that gold won't commit to a rally until there is enough interest to take gold past its key technical barriers. Weighing on gold was a better-than-expected economic outlook following strong retail sales, with December Comex gold futures tumbling to $1,769 an ounce, down 1.61% on the day. The…

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Multiple factors create a perfect storm pressuring gold lower

Multiple factors create a perfect storm pressuring gold lower A combination of events collectively has put tremendous bearish pressure on gold pricing. At least for today, the combination of all of these events has resulted in a perfect bearish scenario causing a $30 drop-in gold futures. As of 5:10 PM EDT, the most active December 2021 futures contract is currently fixed at $1768.10, a net decline Philip Streible, the chief market strategist at Blue Line Futures, summed it up, “gold…

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Gold silver hit 4-week highs on improved charts inflation worries

Gold, silver hit 4-week highs on improved charts, inflation worries Gold and silver prices are higher in midday U.S. trading Thursday and hit four-week highs. The metals are being propelled up by improving near-term chart postures and lingering concerns about rising and even problematic price inflation. December gold futures were last up $4.30 at $1,798.80. December Comex silver was last up $0.34 at $23.51 an ounce. The U.S. data point of the day Thursday saw the producer price index report…

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Gold price remains near daily highs as Fed sees tapering beginning in mid-November

Gold price remains near daily highs as Fed sees tapering beginning in mid-November Federal Reserve minutes from the September meeting showed central bank officials looking to start reducing their bond-buying stimulus program as soon as mid-November or mid-December, with plans to wrap up in the middle of next year. "Participants generally assessed that, provided that the economic recovery remained broadly on track, a gradual tapering process that concluded around the middle of next year would likely be appropriate," the Federal…

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Gold price sees double-digit jump as IMF cuts global growth outlook cites ‘dangerous divergence in economic prospects’

Gold price sees double-digit jump as IMF cuts global growth outlook, cites 'dangerous divergence in economic prospects' The International Monetary Fund trimmed its global growth forecast, citing rising risks from supply chain bottlenecks, price pressures, and threats from the delta variant. In its World Economic Outlook, the IMF said its 2021 global growth forecast is now at 5.9% from the previous July estimate of 6%. The forecast for 2022 remained unchanged at 4.9%. "This modest headline revision, however, masks large…

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Bullish sentiment in gold improves but prices are still stuck around 1750

Bullish sentiment in gold improves but prices are still stuck around $1,750 Sentiment continues to improve in the gold market even as the price spins in neutral, unable to get any sustainable traction following another month of disappointing labor market data. The latest Kitco News Weekly Gold Survey shows that both Wall Street analysts and Main Street retail investors are solidly bullish on gold in the near term. Ole Hansen, head of commodity strategy at Saxo Bank, said that the…

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Is 2k or 5k gold price still possible?

Is $2k or $5k gold price still possible? Even a big miss in the U.S. September job numbers couldn't trigger a much-needed rally in gold. And unless the precious metal can find a way to close above $1,780 an ounce, analysts say they will remain neutral on the metal. Here's a look at Kitco's top three stories of the week: 3. Bitcoin breaches $55,000 as bullish momentum grows in the crypto space 2. September U.S. job growth was the slowest…

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‘Bad news is good news for gold’ but why is the price stuck?

'Bad news is good news for gold,' but why is the price stuck? With gold unable to deliver a rally despite a disappointing U.S. September employment report, analysts weigh in on gold's sticky price levels. The U.S. September jobs report surprised on the downside with just 194,000 positions added versus the expected 500,000. This is a big miss considering that Federal Reserve Chair Jerome Powell needed "a reasonably good report" to begin tapering as soon as November. "We had a…

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