Tuesday, November 17, 2020

What is the Golden Story of Suddenly Bouncing After Plunging Overnight?

 Gold trading dropped lower after being surprised by another positive report regarding the order for the Covid-19 vaccine which has lifted market sentiment during the Monday trading session.

Gold plunged around 300 pips to around $ 1,964 per an pound price tag as well as Moderna Inc announced that a vaccine under development with the US National Institute of Health has shown 94% more success in its third phase test.

The company is reportedly drafting a pass appeal by the US Food and Drug Administration (FDA) and said it expects it will prepare about 20 million doses for delivery to the US by the end of this year.

However, trading in the precious metal again extinguished losses by recording an initial increase of 300 pips trading around the price level of $ 1,895 per anuns during the New York session.

At the opening of today's European session, gold traded loosely around the price face of $ 1,886 an anun, while gold was trading against $ 1,884 an anun.

Although sentiment towards Matawang is at risk since several positive vaccine developments were announced last week, continued uncertainty caused by the Covid-19 pandemic around the world has perpetuated prices for the safe-haven asset.