Gold Extends Early Gains, Sharply Up, As USDX Drops Tuesday February 19, 2019 10:19 Kitco NewsShare this article: Live 24 hours gold chart [Kitco Inc.]
(Kitco News) - Gold prices are solidly higher, are at 10-month highs and are at their daily highs in late-morning action Tuesday. The yellow metal extended its good early gains as the U.S. dollar index has dropped from its session high and is now trading below unchanged on the day. April gold was last up $16.30 an ounce at $1,338.40.
Gold pushed solidly over the $1335 mark in early New York trading after a strong showing overseas. It is now trading at $1337 – up $10.00 on the day. Silver is level on the day thus far. The trade talks between the U.S. and China scheduled to begin this week are providing impetus to gold as hopes rise that the two might settle their differences and pump new life into the commodities market. Also helping gold is a growing recognition in financial markets that neither political party is all that interested in addressing head-on the rapidly escalating national debt.
With gold now pushing past the $1335 mark, precious metals’ analyst John Rubino says that “from a technical standpoint, piercing $1,350 resistance should trigger a big, fast move to the next resistance level somewhere in the high $1,400s.” Crossing that $1350 barrier was problematic for gold in 2014, 2016 and 2018. Economic circumstances, though, have changed in 2019 – the Fed’s stated dovish intentions being the chief difference. We might soon find out whether or not that change is enough to propel gold over its $1350 nemesis.
Beijing has joined the global gold rush, increasing its gold reserves for two months - China hoards gold to end USD dominance 121,055 views RT America Published on Feb 12, 2019
Beijing has joined the global gold rush, increasing its gold reserves for two months in a row to more than 59.94 million ounces. Meanwhile, US State Secretary Mike Pompeo urged companies to limit their business with Huawei. RT America’s Sara Montes de Oca reports.
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