Los Angeles CA, November 13 (Tangible Investments) by James O’ Dell Precious metals prices are mixed on Monday as Gold consolidates within narrow range. Gold is up 0.24 percent to $1,277.90 an ounce after sliding $9.60 on Friday to finish the week at $1,274.90.

Silver is up 0.59 percent to $16.96 an ounce after easing $0.09 on Friday to end the week at $16.86. The Gold/Silver ratio fell to 75.62 as Silver outperformed Gold. Platinum is up 0.65 percent to $933.00 an ounce. Palladium is down 0.20 percent to $986.00 an ounce.

Gold continues to consolidate between its 100 and 200-Day Moving Averages in early trading Monday following Friday’s sharp price drop. Someone dumped four million ounces in 40,000 contracts around noon on the New York Comex and Gold dropped $9 immediately.

The yellow metal has regained some of those losses but remains locked within the same three percent range it’s been in for the past month. “There is a bit of safe-haven demand still supporting prices, but no new additional demand coming in, which means that prices aren’t really moving,” said Capital Economics analyst Simona Gambarini.

“Geopolitical risks have been substantially higher in the second half of the year … and there have been record highs in U.S. equities, (which are) probably starting to make some investors nervous.”

Meanwhile, the U.S. dollar, is ripe to resume its downtrend, says Mike McGlone at Bloomberg Intelligence. Caged within narrowing ranges the past few weeks, the dollar and Gold, appear ripe to break out, noted McGlone.

Dollar Trend Down Gold Up

The 2017 trends in Gold (up) and the dollar (down) appear ripe to resume. Particularly, if some volatility returns to the stock market, said McGlone. If buried stock-market volatility finally recovers, Federal Reserve tightening expectations should decline. Stimulating Gold and the dollar to resume their 2017 trends.

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