Gold prices up 2% on oversold signal

The yellow metal rallied above 1% at the second trading session of the week after falling more than 5% yesterday. Investors and gold traders are going long amid the fall of the U.S dollar and signs in its recent price action showing it’s in an oversold condition. At about 10.05 am Nigerian time Gold futures were up 1.69% at $1885.60.

Sequel to Tuesday trading session, high price swing was prevailing at the yellow metal market on reports that Pfizer’s COVID-19 vaccine had a 90% efficacy, leading investors to quit the safe-haven metal for stocks, sending gold prices down hard.

What they are saying

Stephen Innes , Chief Global Market Strategist at Axi, in an explanatory note to Nairametrics, spoke on the present fundamentals disrupting the precious metal market, “Macro liquidation was the unanimous flow in gold’s $100 pullback and it explains the frantic price action. Massive stops in […]

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