Commerzbank: Gold Falls Back Below 100-Day Average
Gold has dipped back below the 100-day moving average, whichis currently just shy of $1,220 per troy ounce, says Commerzbank. As of 9:35a.m. EDT, spot gold was $8.90 lower to $1,213.70 an ounce. “A firmer U.S.dollar and a noticeable recovery on the global stock markets are weighing onits price,” Commerzbank says. “Thus the technical picture has also becomesomewhat more gloomy again, which could make short-term-oriented investors morereluctant to bet on a rising gold price.” Time will tell whether speculatorswill make new attempts to establish bearish positions in gold, considering thatthey were “were caught wrong-footed” doing so a while back when prices suddenlysurged higher, Commerzbank says. Analysts note that gold exchange-traded fundsregistered inflows in the past three weeks just shy of 40 tonnes, based onBloomberg data.
By Allen Sykoraof Kitco News; asykora@kitco.com
BBH: Gold Softer; Risk-Off Sentiment ‘Ebbing’
Wednesday October 31, 2018 09:25
So-called risk sentiment is improving again, in partreflected by a fall in gold prices, says Brown Brothers Harriman. “Global equity markets are rallying today, taking their cue from thestrong U.S. performance yesterday,” BBH says. “U.S. Treasury yields are rising whilstgold is falling, suggesting risk-off sentiment is ebbing. The dollarcontinues to build on its recent gains, with the dollar index trading at a newhigh for the year just above 97. The May 2017 high near 100 is the nextbig target, with an intermediate target seen near 98.” As of 9:21 a.m. EDT, the spot dollarindex was up 0.142 point to 97.153. Comex December gold was down $9 to$1,216.30 an ounce. Shortly after this, equities opened higher on Wall Street.
By Allen SykoraFor Kitco News
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