Sport Gold price: There is a risk of significant weekly loss

09:40  13 november  2020
09:40  13 november  2020 Source:   finanzen.net

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The crisis protection has hardly recovered from the drop in the gold price at the start of the week. It currently shows a weekly loss of 3.7 percent.

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

by Jörg Bernhard

Since last Friday, the amount of gold held by the world's largest gold ETF SPDR Gold Shares has decreased from 1,260.30 to 1,239.57 tons, the lowest level since the end of July. From the lowest level in three and a half months marked on Monday, the yellow precious metal has since recovered noticeably over the course of the week. From a technical chart point of view, the mid-term 100-day line was breached at the start of the week, but a solid technical floor has formed in the $ 1,850 area. The worsening corona situation recently helped the gold price to higher regions, but because new US government aid is still a long time coming, the recovery is not particularly strong.

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On Friday morning the gold price presented itself with higher prices. Until around 7.45 a.m. (CET), the most actively traded future on gold (December) rose by 5.40 to 1.878.70 dollars per troy ounce.

Crude Oil: IEA is skeptical

On Wednesday, OPEC doubted that hopes for an early vaccine could significantly stimulate oil demand. The International Energy Agency shared this opinion yesterday, Thursday. Rising new corona infections depress the mood in early Friday trading. Around 7:00 p.m., the US oil service company Baker Hughes will communicate its weekly report on North American drilling activities, thereby generating increased attention in the energy markets. Should there be any surprises here, this should also have an impact on the trading trend for the coming week.

On Friday morning the oil price presented itself with somewhat weaker prices. By around 7.45 a.m. (CET), the next WTI future due fell by 0.60 to 40.52 dollars, while its counterpart on Brent fell by 0.47 to 43.06 dollars.

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