The World Gold Council’s gave the yellow metal a further boost via its statement that gold-backed, exchange-traded funds added more than 1,000 tons of bullion worth $60 billion at current prices to their stockpiles during the first nine months of 2020, catalyzing a price rally. The statement added that central banks sold more gold than they bought in August globally, reversing the year-and-a-half-long run of monthly gold accumulation, halting a rapid rise in prices.
The GOLD market is in a bull upswing, calling for an extension to 1921.0. A close over 1921.0 hints for a larger emerging advance ⇒ 1955.0. Any corrective dips should fight to hold off 1881.0 and use any congestion to bull flag. Only a close under 1871.0 marks a reversing turnover.