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Moved to four month lows

GOLD

Gold fell to its lowest level in four months yesterday as positive news surrounding the AstraZeneca / Oxford vaccine helped buoy risk sentiment. The yellow metal has shed another $10/oz overnight on continued follow through, also helped by President Trump agreeing that transition proceedings to President-elect Biden could now begin.

  • Our technical analyst notes that we traded below the bear trigger of $1848.0/oz, the Sep 28 low, and this has reinforced the downside movement. This level now marks resistance, but the overall technical picture points to further downside. The overnight low of $1821.4/oz and $1815.8/oz (low Jul 21) mark the next support levels ahead of the psychological $1,800/oz level.

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