Risk aversion boosts US dollar and hits gold that falls below the 20-day moving average.
Wall Street tumbles amid concerns on a resurgence in coronavirus cases.
Gold is falling sharply and is down almost two percent, even after trimming losses. XAU/USD tumbled to $1,868/oz reaching the lowest level since late-September. As of writing, it trades at $1,880 off lows as risk aversion eases across financial markets.
The Dow Jones drops 2.45% and the Nasdaq slides 2.70%. In Europe, the DAX tumbled 4.10% and the CACA 40 3.45%. The increase in coronavirus cases prompts officials across Europe to consider lockdowns measures that should weigh on the economy. Risk aversion did not trigger the demand for gold. Not even lower US yields offered support to the metal that suffered like most assets.From a technical perspective, the recent decline leaves XAU/USD vulnerable to more losses. A consolidation below $1,870 would expose […]
- Do contribute something to the discussion
- Do post factual information, analysis and your view on company valuations
- Do disclose if you have an interest in a security
- Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
- Do not complain about a post unless you have reported it first, and not on the forum.
- Do not post financial advice
- Do not advertise or post sponsored content