with holdings in bullion-backed exchange traded funds at the highest since April 2013 after about 61 metric tons were added this year.
In other precious metals, silver traded near the highest since July, platinum added 0.2% and palladium was little changed.
Gold hits eight-month high as investors count down to the Fed
Jerome Powell to hold news conference on US rates on Wednesday.
Gold advanced to an eight-month high as investors awaited clues about the outlook for US monetary policy,
with plans to hold a press conference to explain the bank’s stance after all eight policy meetings. That’s twice the number held in 2018.
Investor sentiment in gold remains strong,
The Price of Gold Just Kick-Started a New Bull Run; Here’s the Next Target
The price of gold blasted higher on Friday, testing the $1,300 level and adding new momentum to the bullish gold sentiment.
Still, that psychologically significant price remains elusive.
But in my view, that’s not likely to be the case for long.
You see, the U.S. dollar put on a brief relief rally last week. And as the market looks forward to this week’s Fed meeting, it’s starting to price in no rate hike.
That’s contributing to the weaker dollar.
the market headed into the direction that it should...
1309 is our first chart level with R2 @ 1307.....so beware of these....The market does look strong...As I said I think 1325/26 is a given for this market...and then we go from there.
Gold has made the expected break to the topside
GOLD
Gold As I mentioned in the Weekly Video.....Gold has made the expected break to the topside...The measured Target still remains 1325/26...I think the market will come under pressure at these higher levels.
then after a few days...its ooops.....did that wrong...and back we came....Now usually this happens as we move towards the Apex of the patter...This didn't....so lots were wrong footed....However once the price went above the 1288 all was well...and