Gold turns tentatively to the upside; November’s options-related steep descent gives way to early signs of recovery
(USAGOLD – 12/7/2020) – Gold took a tentative turn to the upside in early U.S. trading. Traders are attempting to balance a record rise in virus case counts against rollout projections on a vaccine and the hint of agreement on a federal government rescue package. It is up $1.50 at $1841. Silver is down 28¢ at $23.99.
When gold experienced its steep options-related descent late last month, we mentioned that it likes to take the elevator down and the stairs back up. Over the past five trading sessions, the yellow metal has been resolutely on the stairs – though the recovery has been swifter than we had anticipated. It has already recovered $72 (4.07%) from its options-expiry-related bottom at $1766. Silver has regained $2.28 of its drop or 10.25%. The two recoveries are displayed in this morning’s Chart of the Day. We think you might also find the Short and Sweet post immediately below (or at the Live Daily Newsletter if you are reading this on the DMR page) of interest if you’ve been thinking about adding to your holdings at current prices.
Chart of the Day
Chart courtesy of TradingView.com • • • Click to enlarge