Bill Poulos Reviews Gold Silver, and Oil Commodity Update for Week of 10/23/20
Bill Poulos is founder of Profits Run. Profits Run is a financial publishing company that offers programs and newsletters to help educate people. Their products include Crypto Profit Alert, Instant Options Income, Premium Income Letter, Forex Profit Accelerator 2.0, Profits Run Coaching, Profits Run Alliance, 20/30 Wealth Trader, Real Wealth Alert, Premium Income Alert, Earnings Profit Alert, and Rapid Income Engine.
GOLD Commodity Update
Well the story for Gold this week is about the same as the last several weeks; stuck in a consolidation with the price moving back and forth around the $1900 per oz level. The week opened just below $1900 at $1898 and moved up and back down to choppy trading to finish the week trading right at $1903 for an ever-slight weekly gain. This sideways price pattern is tracking even with the 50 period EMA. The rangy market is due in part to the uncertainty of the Covid recovery and the ongoing discussions around the 2nd stimulus package. If the package is passed before the election, Gold prices should respond favorably as this looks to be a positive for the U.S dollar pushing gold prices higher. But until this is passed or if anything else major happens, Gold is stuck at the $1900 price.
SILVER Commodity Update
Silver like gold is stuck in a consolidation ranging between $24 and $25 per oz. This week Silver opened on Monday at $24.12 moved up to close at $25.3 on Wednesday based on positive hope of the Covid stimulus passing and then retreated on Thursday and Friday as the stimulus talks have been dragging out longer than expected. If there is an agreement over the weekend or early next week, we should see a bounce in the price of silver and other precious metals. Current trading late in the session on Friday is at $24.55 right in the middle of the range. This price is also consolidating at the 50 period EMA acting as support.
OIL Commodity Update
US Crude Oil prices have been very rangy over the last several weeks running up and down between $39.50 and $41.50 with quite a bit of volatility back and forth. This week US Crude Oil is looking to close lower after opening at $40.74 and moving up early in the week above $41, the price retreated lower to right at $40 per barrel on Wednesday. The $40 price level is sitting at support and right at the 50 period EMA. Friday’s trading moved lower than support as hopes for the Covid-19 economic stimulus are becoming more dream than reality. Currently in late trading on Friday, US Crude oil is trading below support at $39.60 for a weekly loss. If there is an economic stimulus package before the election, we should see a jump in prices as anticipated demand for oil will be higher.