Tuesday, December 26, 2017

Following Christmas break, gold has recovered to three week highs on low volume

The last trading week between Christmas and New Years in the markets is often one characterized by low volume, and primarily a shuffling of assets in preparation for tax season.  And ironically this decline in volume and activity is often good for the gold and silver markets which tend to move up in the final week of a year, and see less dumping and manipulation from the bullion banks.

2017 appears to be no exception as the gold price has now climbed approximately $40 since the Fed's rate hike and Dec. 13 FOMC meeting, and this bodes well for trends which regularly see gold rise in the early months of January and February.

Gold prices edged up on Tuesday, hitting a more than three-week high, in low-volume trade amid a weaker dollar. 
* Spot gold was up 0.2 percent at $1,277.98 an ounce at 0115 GMT on Tuesday, after hitting its highest since Dec. 1 at $1,278.14. 
* U.S. gold futures rose 0.3 percent to $1,282.20 an ounce. - Nasdaq


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