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Poised for three consecutive weekly declines

GOLD

Gold has stabilised over the past couple of days but the falls seen on Monday and Tuesday this week are still big enough to have seen the yellow metal shed over $80/oz over the week at the time of writing. After falling in the previous two weeks as well, this will be the first time since May-June gold has fallen in three consecutive weeks. The time before is back in Aug-Sep 2019, well ahead of any Covid-19 concerns.

  • Gold continues to remain above $1800/oz but our technical analyst notes that gold remains vulnerable after falling through key support in the sell-off earlier this week. A break of $1800 would open up a move towards the 50% retracement of teh Mar-Aug rally at $1763.5.
Energy BulletsCommodities
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