Gold price nearing $2,100 as bulls keep foot on the gas – by Jim Wyckoff (Kitco News – August 6, 2020)

(Kitco News) – Gold prices are again sharply higher and hit a record high of $2,064.90, basis October Comex futures, in early U.S. trading Thursday. Silver prices are also sharply higher and hit a more-than-seven-year high of $28.54, basis September Comex futures.

October gold futures were last up $25.00 an ounce at $2,062.10. September Comex silver prices were last up $1.45 at $28.34 an ounce.

Importantly, while there are no early chart clues to suggest the gold and silver markets are close to major tops, both are now getting short-term overbought, technically, and are due for downside corrections in the uptrends.

And remember that with the higher volatility and bigger daily price gains seen at present, there will also be bigger downside corrections when they come.

Global stock markets were mixed in overnight trading. The U.S. stock indexes are pointed toward slightly higher openings when the New York day session begins.

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