Gold futures today gained $14.20 and is currently fixed at $1875.80. This is in response to a risk-off environment as US equities sold off today, diminish yields in US bonds and concern about the pandemic. After sustaining approximately, a $100 drawdown on Monday, the last three trading days have maintained lows above a key level of technical support. Our technical studies indicate that there is strong support at $1845, which corresponds to the 23% Fibonacci retracement of the entire rally from the beginning of March to the new all-time record high achieved the first week of August at $2088.
While there are many mixed messages from different analysts in regard to whether or not gold will move higher or lower from this point there is one thing you should keep in mind. Central banks are now actively buying gold once again. It is been common knowledge that over the last […]
November 13, 2020 (updated November 13, 2020) Published by StockMan