Optimism about a covid vaccine shot down gold prices.
Additional headlines from the medical front, speculation about the Fed, and US retail sales are eyed.
Mid-November’s daily chart is painting a bearish picture.
The FX Poll is pointing to short term falls but long term gains. Blinded by the light at the end of the tunnel – gold tumbled in response to a breakthrough in developing a vaccine for coronavirus. The implication is less fiscal and monetary stimulus, yet rising cases in the northern hemisphere may change the picture. This week in XAU/USD: Shot down by the vaccine, political uncertainty Pfizer and BioNTech reported a 90% efficacy rate in their COVID-19 vaccine candidate . While the results are preliminary, the outcome seems promising not only for these firms – but also for three other efforts using the mRNA approach.Gold has been rising on hopes for […]
November 14, 2020 (updated November 14, 2020) Published by StockMan