It's tough to keep a good gold down. The precious metal once again saw dip buyers come in yesterday, after having fallen to briefly drop under $3,800 at one point. The buying came through in US trading and we're seeing price now hold back near the highs again as we get into the new day.
Looking to October, it is typically a rather balanced month for gold. In the past two decades, gold managed to post gains 11 times with 9 times dropping in October trading. But at the balance, the gains were heavier with it resulting in a +0.6% monthly performance average.
The trend last year was gold rallying for nine months straight before dipping in November and December. Will this year promise more of the same again in bucking the usual yearly trend before the supposedly hotter months in December and January? Or will we see prices cool off in the next two months before resuming the norm again?
As for the fundamental side of things, it's still the same tailwinds driving gold for a while now and will continue to do so going into year-end.
