Gold Price Forecast: XAU Slammed to Support on Covid Vaccine News

Gold Price Forecast:

When good news goes wrong, at least for Gold bulls. Gold has put in a massive bearish move of -5% on positive news of a Covid vaccine.

Gold prices had broken out from the falling wedge formation late last week, giving the appearance that bullish continuation might be in the cards. That has reversed aggressively.

This covid news is still relatively new and the situation remains fluid: Be prepared for continued volatility in Gold and other macro markets. The analysis contained in article relies on price action and chart formations . To learn more about price action or chart patterns, check out our DailyFX Education section. The resounding driver across global markets today is one driven by hope: If you’re reading this you probably already know that Pfizer has announced some pretty positive results for their Covid vaccine . This entails apparently a […]

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