Gold prices crumble below counter-trendline resistance despite bullish fundamentals.
Global coronavirus spread, US elections and stimulus uncertainty all in the mix.
The price of gold has been testing the bearish commitments above the $1,900 psychological level following a brief spell below it, printing a low of $1,891.50.
US election and stimulus news is dictating the flows in and out of the precious metal and has kept it coiled in a tight range of prior sessions.However, despite the bullish fundamentals, the price has been chipping away at lower lows below trendline resistance. Global stocks pressured on covid headlines European stocks ended the day sharply lower and the negative sentiment has fed through to Wall Street setting the Dow for its worst day in more than seven weeks.The major indexes are down Dow 2.7%, S&P 2.1%, Nasdaq 1.75%.New infections have touched record levels in both Europe and the United States […]
October 27, 2020 (updated October 27, 2020) Published by StockMan