Gold prices up 2% on oversold signal

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 […]

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.

Posting Guidelines
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!


No comments yet