Metals Futures Prices
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- Daily Technical Spotlight - December Gold
Not much new. Trading remains sideways and choppy. Bulls have chart advantage and working to restart price uptrend.
Futures Market News and Commentary
Dec Comex gold (GCZ20) on Monday closed up +0.50 (+0.03%), and Dec silver (SIZ20) closed down -0.255 (-1.03%).
Precious metals on Monday settled mixed with silver at a 1-week low. Gold prices saw support from a slump in stocks and the raging pandemic, but were undercut by a stronger dollar and a lack of progress on the debt-fueled stimulus talks. Meanwhile, silver and industrial metals prices were undercut by rising global Covid infections that cause concern about weaker global economic growth.
A lack of progress in U.S. pandemic stimulus talks is negative for gold prices. White House economic advisor Kudlow said Monday that there are certain aspects of the Democrats' stimulus plan that President Trump will not accept. Funding for state and local governments remains the key issue singled out by both sides as a remaining stumbling block to a stimulus deal.
Gold has support from the Covid pandemic that has curbed global growth prospects and forced dovish global ce... Read more