Gold has started a remarkable downside correction and stands on the key 23.6% retracement area after a failure to hold the 38.2% retracement area.
GOLD: 'V-Bottom' pattern
The last 'V-Bottom' pattern pushed the price higher. However, the Moving Averages have acted as resistance, so there's a green light for a local decline. In this case, we should watch the closest support at 1279.32 - 1276.96 as a potential bearish target. The subsequent pullback from this level could lead to another bullish price movement towards 1286.15 - 1295.25.
UK's Raab supports that virus restrictions are serious, proportionate
The dollar index was up late Tuesday afternoon in Asia, extending the 0.8% gain in the previous session, when COVID-19 fears and worries over the US Congress’ stimulus impasse drove a selloff across other assets.
Bank of England Governor Andrew Bailey delivered a speech today. Let’s discuss what it means for a trader.