Gold witnessed some follow-through selling for the third consecutive session on Monday.
A modest pickup in the USD demand was seen as a key factor that exerted some pressure.
The prevalent risk-off mood undermined the safe-haven XAU/USD and helped limit losses.
Gold edged lower on the first day of a new trading week and dropped to over one-week lows during the Asian session, albeit lacked any strong follow-through selling.The precious metal extended last week’s rejection slide from the $1931-33 supply zone and remained depressed for the third consecutive session on Monday. The downtick was exclusively sponsored by a goodish pickup in the US dollar demand, which tends to undermine the dollar-denominated commodity.Investors remain worried that the second wave of coronavirus infections in Europe and the US could prove detrimental for the already fragile global economic recovery. This, along with the lack of progress in the US […]
October 26, 2020 Published by StockMan