Sport Gold price: Bottom formation above 1,800 dollars

09:40  26 november  2020
09:40  26 november  2020 Source:   finanzen.net

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Dollar Index. Gold . Gold has been ablle to hold onto $ 1 , 800 , showing its resilience in weathering immense selling pressure. There are several soft cushions on the way down, with a noteworthy downside target at ,792, where the Pivot Point one-day Support 1 hits the price .

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Weak US labor market data have eased the selling pressure on the gold markets and helped the yellow precious metal to stabilize above 1,800 dollars.

Ralph Orlowski/Getty Images © Provided by Finanz.net Ralph Orlowski / Getty Images

by Jörg Bernhard

For the second time in a row, an increase was reported for the weekly initial claims for US unemployment benefits. This time the number of new unemployed climbed from 748,000 to 778,000, although analysts had forecast a decrease to 730,000. The corona-related problems should not be solved in the short term. ANZ analysts do not expect immunization of further parts of the population until the second half of the year and at the same time confirmed their twelve-month price target of $ 2,100 for gold. Due to today's US holiday, sales in the gold markets are likely to be relatively modest. However, this does not necessarily mean that this will also apply to the price fluctuations of the yellow precious metal. From a technical chart point of view, the situation remains tense, after all, the gold price is currently only slightly above the 200-day line and a significant support zone.

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Live Gold Spot to US Dollar rate. Traders, Gold today finally reached our first profit target level for long term short. At this level, we can expect gold to move AU is the code for Gold on the Periodic table of elements, and the price above is Gold quoted in US Dollars , which is the common yardstick

Gold spot prices broke above $ 1 , 800 per ounce on Tuesday afternoon for the first time since 2011, bolstered by record inflows and widespread risk-off attitudes. The precious metal continued trading above that level Wednesday morning. Safe havens are enjoying their time in the sun as the stock

On Thursday morning the gold price presented itself with stable quotations. By around 7.30 a.m. (CET), the most actively traded future on gold (February) rose by $ 2.10 to $ 1,807.60 per troy ounce.

Crude Oil: Good mood after EIA update

The unexpected drop in inventories of 754,000 barrels for crude oil reported by the US energy authority EIA yesterday, Wednesday, gave the fossil energy carrier positive signs for the fifth day in a row. The loss of 1.7 million barrels of oil in Cushing (Oklahoma), the delivery point for WTI futures, also gave reason for confidence. The optimism is still carried by the hope of a victory over the pandemic. However, the risk of technical setbacks is now increasing; after all, the timing indicator Relative Strength Index is currently already showing an overbought situation.

On Thursday morning the oil price presented itself with higher prices. By around 7.30 a.m. (CET), the next WTI future due rose by 0.23 to 45.94 dollars, while its counterpart on Brent rose by 0.23 to 48.76 dollars.

Gold Price: US Labor Market Report Provides High Voltage .
Before the US Department of Labor's monthly report, the gold price is well above the $ 1,800 mark. © Provided by Finanz.net DANIEL ROLAND / AFP / Getty Images by Jörg Bernhard In the USA there is growing hope that another rescue package worth 908 billion dollars could soon be decided. This pushed the dollar index to its lowest level since the beginning of 2018. In return, the gold price beckons a striking weekly gain, which so far amounts to 1,788.1 percent.

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