Commodities Analysis by Frank Holmes covering: USD/JPY, XAU/USD, S&P 500, Nikkei 225. Read Frank Holmes's latest article on Investing.com
. The yellow metal rallied an incredible 7.3% last month to close at $1,983 an ounce, its strongest October since 1978, when it jumped 11.7%.
A word of caution: The metal looks overbought right now based on the 14-day relative strength index , so we may see some profit-taking in the short term. I believe strong support is being established, and if stocks recede from last week’s pump, it may be an adequate catalyst for a gold rally.
Japanese households appear to understand this, as their approval of Kishida’s job as prime minister has slipped to an all-time low rating of 33%, according to recent polling byand Tokyo TV. When asked about the potential tax cuts, a whopping 65% of participants said that they were an inappropriate response to high inflation.
For the 12-month period as of Friday, gold in dollar terms is up 22%, which beats the S&P 500 and is well above inflation.WTI’s hold of $80 could be tested if Chinese data emerges weaker than thought Those long crude seemed encouraged by the Saudi-Russian bid to keep up with production cuts till the...
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