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Gold prices have come under heavy selling pressure this week. The safe-haven asset broke below the 1862.07 level which has underpinned price action since July. The sell-off was fuelled by the continued risk-on move which is sweeping across markets.
The move is lifting commodities, equities, and high yielding currencies as traders continued to digest the recent vaccine news.
With a range of companies now pushing ahead with regulatory approval for their vaccines, following successful clinical trials over recent months, traders are beginning to look ahead to next year. There are hopes for economies (and lives) returning to normal as per the plans outlaid by global governments.
The UK and the US governments have both highlighted plans to start distributing the vaccine ahead of the end of the year. The end of Q1 is the target for returning to normality.
Risk sentiment has also been lifted this week by news of Trump approving the start of the transition process for the incoming Biden ad...
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