Gold Down, But One Safe Asset is Rallying
Gold price, which jumped above $2000 an ounce a few months ago and rallied almost 22% in 2020, is now out of demand as investors moved their focus towards risker assets, including stock markets. The price of gold fell close to 6% so far this year with expectations for more drop in the days ahead.
US Dollar Trades Below 93 Mark Despite Steep Equities Selloff
US dollar continues to trade below 93 levels despite the massive stock price selloff on concerns stemming from record growth in daily virus infections. US and European stock markets lodged the largest daily decline in the past few months on Monday and extended that downtrend in Tuesday trading.
US Dollar Trades in a Tight Range, Gold, and Riskier Assets Fall
US dollar continues to trade around the 93.40 level against the basket of six major currencies amid the uncertainty regarding the stimulus package and concerns over the second coronavirus wave. The USD index has been trading in a tight range of 92.90 to 93.60 levels over the past few days.
Gold Wedge at APEX for Breakout!
Gold (XAU/USD) has been compressing into a wedge directly above the previous all time high, which was broken after 9 years in August 2020. The APEX of the wedge is fast approaching as traders and investors patiently await for the continuation break out on gold. Wedge patterns are generally a…