Gold recovery attempt from $1,860, capped below 1.875
XAU/USD remains weak with the USD coming up.
US dollar rallies ion COVID-19 fears and US elections uncertainty.
Gold futures are attempting to bounce up after having depreciated more than 2% over the last two days. The yellow metal has picked up after hitting one-month lows at $1,860 although the upside moves are finding sellers at the $1,875 region. Gold dives with the US dollar rallying XAU/USD’s bearish reversal from mid-October highs above $1,930 accelerated on Wednesday after breaking below the bottom of the last week’s trading rage, at $1,890 area. Gold prices have suffered amid the broad-based dollar strength. The combination of market concerns about the impact of the second COVID-19 wave, with Europe introducing new lockdowns and the uncertainty regarding the US elections less than a week ahead of the election day, has strengthened the safe-haven dollar against its […]
October 30, 2020 Published by StockMan