Price of Gold Fundamental Daily Forecast – Mnuchin May Have Weakened Longer-Term Support

Gold futures are edging higher on Friday after counter-trend buyers came in to defend the low of its 10-day range. Nonetheless, the market is set to finish lower for a second consecutive week as promising COVID-19 vaccine trials and U.S. Treasury Secretary Steven Mnuchin’s call to end the Federal Reserve’s key pandemic lending program eroded the bullion’s safe-haven appeal to some.

At 12:31 GMT, December Comex gold futures are trading $1863.80, up $2.30 or +0.12%. COVID-19 Vaccine Pressure

Gold took a hit earlier in the week after Moderna became the second U.S. drugmaker to announce late-stage successful vaccine trials. This follows a similar announce from Pfizer early last week. In a follow-up move, the U.S. drugmaker said on Wednesday that it was set to apply for emergency U.S. authorization after final results from its vaccine trial showed a 95% success rate with two months of safety data. Federal Reserve Stands […]

Click here to view original web page at www.fxempire.com

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.