Gold gets a modest lift but remains rangebound around the $1490 mark

Gold gets a modest lift but remains rangebound around the $1490 mark by Michael J Kosares for USA Gold

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Gold got a modest lift overnight when the British parliament voted to block Downing Street’s plan for an October 31st Brexit, but, at the same time, registered approval for the prime minister’s withdrawal plan overall. The mixed message pushed the metal $4.50 higher in early trading to stand at $1493.50.  Silver is trading at $17.57 – up 2¢ thus far today. Northman Trader’s Sven Henrich had this to say yesterday about gold’s rangebound behavior over the past several weeks. “Many of the questions I received are centered around why gold is not moving higher, is the bull phase for gold over? To which I say: Patience everybody. Gold is not a dot com stock. The move from 1277 to 1566 was a massive 22% ripper. In process gold became overbought and put in a negative divergence. A retrace not only made technical sense, it’s also necessary to prepare for the next bull phase if there is to be one.”

Quote of the Day
“As yet the equity market seems totally unaffected, with volatile and risky stocks still making the running. Although the brontosaurus has been bitten on the tail, the message has not yet reached its tiny brain, but is proceeding up the long backbone, one vertebra at a time.” – Jeremy Grantham, June 2007

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