Gold futures are trading marginally higher on low volume on Friday, buoyed by a weaker U.S. Dollar and lingering concerns over the speed and shape of the U.S. economic recovery. The key issues driving the trade on Friday’s are worries over the COVID-19 pandemic’s impact on the U.S. economy and a weakening labor market.
Low interest rates continue to provide support, while pressuring the U.S. Dollar. This is helping to drive foreign demand for dollar-denominated gold.
At 18:45 GMT, December Comex gold is trading $1960.10, up $10.20 or +0.52%.
The main trend is up according to the daily swing chart. A trade through $2001.20 will signal a resumption of the uptrend. The main trend will change to down on a trade through $1911.70.
The minor trend is down. This is generating downside momentum. The minor trend will change to up on a more through $1983.80. Taking out $1938.20 will increase the downside momentum.