. Gold Rallies Continue, Currently Trading at Above $1700 as Dollar Weakens

Gold Rallies Continue, Currently Trading at Above $1700 as Dollar Weakens

09 Nov 2022

U.S gold futures price slumped 0.64% to $1711.90; after hitting its lowest level on Wednesday 9th November.

Gold prices rose after decreasing more than 1% in the previous trading session, as a pause in the dollar rally pauses some pressure from the greenback price

Gold’s future tumbled to a 2-1/2 year low on Monday 17 October, weighed down by a sturdy dollar and a brochure of a further interest rate hike by the Federal to bring down Inflation

Silver Spot Price tumbled 0.8% to $18.68 per ounce, platinum rose 0.7% to $860.13, and palladium rose 0.4% to $2,076.10

According to a survey, A downturn in business activity across the eurozone in September showed the economy was going into a recession as consumers harnessed spending amid a cost-of-living crisis. But markets expect the Fed to keep raising interest rates at a high, given that inflation remains above the central bank’s annual rate of 2%.

On Monday London traded copper futures jumped 1.9%, and rose 0.2% at $3.6242 a pound. China is the largest importer of red metal but copper must contend with slow demand in China.

On technical fronts, Gold Futures: RSI stood at 61.862, and currently, it is trading above all SMA, so a BUY position can be taken with the following target and stop-loss

Trade signal: BUY AT 1711.90, TAKE PROFIT AT 1760.00, and STOPLOSS AT 1690.00