A strong pickup in the USD demand exerted fresh pressure on the dollar-denominated commodity.
A selloff in the equity markets might lend some support to the safe-haven gold and help limit losses.
Bearish traders might wait for a sustained break below 100-day SMA before placing aggressive bets.
Gold edged lower during the first half of the European trading session and was last seen trading near daily lows, just above the $1900 level.The precious metal witnessed some fresh selling on Wednesday and reversed the previous day’s positive move, albeit remained well within a four-day-old trading range. A strong pickup in the US dollar demand was seen as a key factor exerting some pressure on the dollar-denominated commodity.The alarming pace of growth in new coronavirus cases and the imposition of fresh lockdown restrictions fueled concerns that the economic growth will weaken again. This, along with the uncertainty about […]
October 28, 2020 (updated October 28, 2020) Published by StockMan