Gold Sees Mild Gains On Hong Kong Protests
Gold prices are mildly firmer in early North American dealings, with the yellow metal rising on news of protests in response to weekend protests and police crackdown over Chinese control of the 2017 elections, analysts say. Edward Meir, commodities consultant at INTL FCStone, says both the U.S. dollar and gold are up, “with the tensions in Hong Kong likely con¬tributing to the rise in both.” Analysts at Barclays say the Hang Seng fell in response to the pro-democracy movement. So far, though, the metal’s gains are limited as the overall outlook for gold is weak. “With the technical and fundamental backdrop for the pre¬cious metal looking weaker, the path of least resistance looks lower for the moment,” Meir says.
Technical Trading: Bullish Momentum Divergence Bodes Well For Gold
September 29 —Markets don’t go straight up or down, they need to pause, correct and take a break. The recent technical trend in the gold market has been bearish; prices have been trending lower off the July price high in an orderly manner.
Gold Up On Short Covering, Some Bargain Hunting
Gold prices are modestly higher to start the new trading week Monday. Short covering by the futures traders and some light bargain hunting are featured, following recent solid selling pressure that drove prices to a nine-month low last week. December …
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