Tuesday, Feb. 1 – Gold Gets Back Above the $1,800 Level
Gold is 0.7% higher this morning, as it is trading above the $1,800 price level again. What about the other precious metals?
The gold futures contract gained 0.55% on Monday, Jan. 31, as it retraced its Friday’s decline of 0.5%. The market got back to the $1,800 price level again. Recently it reacted to the strengthening U.S. dollar after last week’s Wednesday’s FOMC Statement release. Earlier, gold fluctuated along the $1,850 level after breaking above the previous short-term consolidation. On Wednesday, the market came back to that previous trading range and it got closer to the $1,800 level again, and on Thursday it fell below that support level. This morning yellow metal is trading higher after breaking above the $1,800 level.
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