Los Angeles CA, July 19 (Tangible Investments) — by James O’Dell — Precious metals prices were mixed in early trading on Wednesday as Gold consolidates in wake of Senate Bill Failure. Gold is up 0.04 percent to $1,242.50 an ounce after gaining $8.30 on Tuesday to close at $1,242.00 an ounce.

Silver is up 0.25 percent to $16.30 an ounce after adding $0.18 on Tuesday to close at $16.26 an ounce. The Gold/Silver ratio fell to 76.38. Platinum is down 0.22 percent to $924.00 an ounce. Palladium is up 0.70 percent to $867.00 an ounce.

Gold remains steady in early trading Wednesday after hitting three-week highs on Tuesday following the collapse of Senate Healthcare bill. The dollar gained ground against the euro but remained defensive as the Fed may be in no hurry to raise rates.

“Up until today the dollar has been weakening quite a bit, which has been supportive for Gold. Today, we’ve seen the dollar a bit stronger, so we’re seeing some weakness,” said ING analyst Warren Patterson.

“A main bullish input for the precious metals markets has been a seriously eroding U.S. dollar index. The dollar bears have the solid overall near-term technical advantage amid a price downtrend that has been in place all year long,” said Jim Wyckoff, senior analyst at Kitco.

The Trump administration’s inability to get anything accomplished in the first six-months could impact U.S. monetary policy. Experts believe the Fed may hold-off on further interest rate increases until they see what Trump’s fiscal policy can do.

Buying Likely Short Covering

Meanwhile, according to UBS, the current buying in Gold is most likely short covering rather than investors establishing fresh positions.

“Positioning has been in Gold’s favor, with most recent data showing that net length is at the lowest level since January last year,” said UBS. “In addition, shorts have started to become more active in recent weeks, raising upside risks in the near term [should those traders buy to cover].”

UBS added that longs are “likely taking their time and are in no rush to jump in for now.”

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