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Sport Gold Price: Profit-taking before the weekend

09:30  22 january  2021
09:30  22 january  2021 Source:   finanzen.net

Silver and platinum will outperform gold in 2021 as the economy recovers and industrial demand supports higher metals prices, says UBS

  Silver and platinum will outperform gold in 2021 as the economy recovers and industrial demand supports higher metals prices, says UBS UBS Global Wealth Management strategists said silver and platinum will outperform gold in 2021 as the economy recovers and industrial demand picks up. A greater focus from policymakers on renewable energy and decarbonization in 2021 may also help silver. According to UBS, more than 50% of silver used in industrial applications is linked to solar panels and electronics. Meanwhile, gold will struggle to attract sufficient exchange-traded fund inflows to sustain prices north of $US1,900, said UBS. The firm sees the asset finishing the year 2.5% below current levels, at $US1,800 per ounce.

Senior Technical Analyst Jim Wyckoff prepares investors with an overview of how the markets opened and closed. What moved metal prices ? How do the technicals look? By looking at important developments.

Gold futures finish lower Friday, with some analysts blaming profit taking ahead of the weekend , but prices still ended the week higher on the back of Gold is often seen as a hedge against inflation. Analysts have also said that physical demand for gold has strengthened in the roughly two weeks

Although the dollar index is close to the two-week low, profit-taking weighed slightly on the gold price in early Friday trading.

DANIEL ROLAND/AFP/Getty Images © Provided by Finanz.net DANIEL ROLAND / AFP / Getty Images

by Jörg Bernhard

Because the number of weekly initial applications was slightly lower at 900,000 and the economic index was significantly higher than expected, the interest in gold has recently decreased slightly. The purchasing managers' indices announced for the afternoon could provide new clues about the mood in the US economy. In the evening, the Commitments of Traders Report of the US regulatory authority Commodity Futures Trading Commission follows. Because this shows the mood on the futures markets, it regularly attracts increased attention among the market players.

The Incredible Shrinking Liquor Bottle

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Gold jumped to a high of 96.74 levels before trimming gains slightly to trade around 90. The metal may have priced -in the dovish expectations and Brexit fears may have little to do with Another leg higher could be seen before the weekend if Bank of Japan presses the easing button again.

On Monday, price continues to move lower, but you can’t find a good opportunity to re-enter anymore. You lose out on missed profits , which you would’ve gotten If there’s no other reason to close trades except that the weekend is starting, it might be perfectly valid to keep the trade open and take that risk.

On Friday morning, the gold price presented itself with falling prices. By around 7.40 a.m. (CET), the most actively traded future on gold (February) decreased by $ 5.70 to $ 1,860.20 per troy ounce.

Crude Oil: Waiting for the weekly reports

Several days late, the US Energy Agency (EIA) reports the quantities of oil, gasoline and distillate stored and produced in the afternoon. According to a survey of analysts published by Trading Economics, crude oil is expected to decline by 1.2 million barrels. In addition, increases of 1.2 million barrels of distillates and 2.8 million barrels of gasoline are forecast. After that, the US service company Baker Hughes , which is active in the oil sector, should communicate its weekly report on North American drilling activities (7:00 p.m.), thereby generating increased attention in the energy markets.

On Friday morning the oil price presented itself with weaker prices. By 7:40 a.m. (CET), the next WTI future fell by 0.66 to 52.47 dollars, while its counterpart on Brent fell by 0.63 to 55.47 dollars.

editors finanzen.net

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