Gold broke range and traded above $1200. It has been trading above that level since yesterday, this being after a weaker than expected PPI and CPI, that gave a bit of hope that the interest rate might not be increased in the upcoming meeting on the 26 of September 2018. The dollar index fell to more than a 1 ½ month low on that hope.
Technically and fundamentally, gold looks positive at above the $1200 level; once it trades and closes below this rate, the sentiment will be change. If we close above that level, it will be the first weekly gain in the past three weeks.
ETF has once again cut their gold holding by 61,156 ounces in their last trading session, taking this year total net sales to 828,040 ounces.
Gold / silver ratio is still trading below the 85 level, where it will continue to find some resistance at that level.
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