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Park Avenue Numismatics
5084 Biscayne Blvd, Suite 105
Miami, FL 33137
Toll Free: 888-419-7136

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Park Avenue has over 30 years experience buying and selling Rare Coin and Precious Metals. We have the knowledge and ability to provide our customers with the best products and services.

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Gold Prices Rebound as Hedge funds Add to Long Positions

Thursday, September 10, 2020

Gold last traded at $1,955 an ounce. Silver at $26.99 an ounce.

NEWS SUMMARY: Precious metal prices rose Thursday on rising inflation and a falling dollar. U.S. stocks rebounded led by the tech sector following a brutal three-day sell-off.

FX Empire---"Gold prices edged higher on Tuesday following a long weekend in the US. Prices were buoyed as riskier assets were hammered as stocks sold off and yields moved lower. The dollar was buoyed despite lower US yields as it benefited from safe-haven flows capping the rise in the yellow metal. Hedge funds increased long positions in futures and options according to the latest commitment of traders report. Gold prices rebounded from support after testing lower levels. Prices bounced off of support is seen near the 50-day moving average at 1,909. Resistance is seen near the 10-day 1,945 and then the August highs at 2,075...Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. The relative strength index is moving sideways which is a sign of consolidation. According to the most recent commitment of the trader's report released for the date ending September 1, 2020, managed money increased their long position in futures and options by 11K contracts, while reducing short positions in futures and options by 1K contracts. Open interest that is long futures and options outnumbers open interest that is short in the managed money space by a robust 150K contracts."

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