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Is gold changing a long-term direction?
2020-09-23 • Updated
Gold is steadily plummeting for the third consecutive day. Where is the bottom? Let’s find out.
XAU/USD has been pressed down by the strong demand for the safe-haven US dollar. The greenback has been boosted by the worsened market sentiment amid rising cases in Europe and the UK. Just recently the UK Prime Minister Boris Johnson has imposed new restrictions in the country for further 6 months as new infections have surged, and also colder weather is coming back, making people more vulnerable to respiratory viruses and especially Covid-19.
Fed’s Powell delivered a statement yesterday and pointed to a resilient economic activity, but emphasized there is a long way to the full recovery. The USD surged after that report, pushing gold to the downside. Besides, the optimism over the stock markets diminished the gold’s safe-haven status.
Overall, the current situation on the market points to the further gold bearishness, but it may change after the US Manufacturing and Services PMI reports at 16:45 MT time and Powell’s speech at 17:00 MT time. Pay attention to them!
Gold has been trading in a triangle pattern since the beginning of August. After that, it has broken the lower trend line, confirming the bearish breakthrough. Therefore, the yellow is likely to keep falling further. The move below the support of $1 880 will drive the price to the key barrier of $1 860. In the opposite scenario, if it jumps above the psychological mark of $1 900, the way towards $1 940 will be open.
GBP/USD has bounced off the key support of 1.30 and turned to the upside. The pound is widely anticipated to rally further amid rising hopes for the end of Brexit talks this weekend on Halloween.
The USD is trading at its 7-week low, and it looks like it will continue falling further. Why?
Gold is trading sideways around the $1 900 level, but Biden’s victory will drive it upwards.
U.S. stock markets are set to open with a modest bounce after their worst day in over a month on Monday.
Asian equity markets resumed the weak performance seen across global peers which culminated in Wall St’s worst day in over a month