Gold: 1201.10, -7.10.
Moved up to tap the 50 day MA on the Thursday high, then faded back off that test.
Source: Investment House
The official gold reserves in mainland China have grown from 1,054 tonnes in the first quarter of 2015 to 1,839 tonnes in the third quarter of 2016, to 1,843 tonnes in the second quarter of 2018.
The demand for gold among Chinese consumers also rose by 5 per cent in the second quarter from a year ago to 144.9 tonnes.
Demand by Indian consumers declined in the same period by 8 per cent to 147.9 tonnes.
Donald Trump has criticised the Fed several times about hiking the interest rate so many times this year.
It is important to emphasise that back in 2015, when speculators had net long positions, it triggered a 30% move in the gold price. A similar move would help the price move to $1,500.
The gold price has been gaining traction while the dollar index maintained its strength.
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