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The yellow metal broke out to new 2020 highs this week as swelling concerns around the prospect of a second wave drove safe-haven inflows.
The rally in gold this week comes despite fairly resilient moves in equities markets, which worked to shrug off virus concerns across the week to trade higher.
However, the broader risk environment is now looking a little more vulnerable in response to the headlines we’ve seen this week. As a result, gold is retaining a bid tone into the end of the week. And it looks like it will continue trading higher in the short term, at least.
The governor of California amended his closure of bars and restaurants in seven counties last week to 19 counties across the state. This decision came as the number of new infections, and also the death toll, continue to rise.
The US has been plagued with a slew of higher infection numbers across several states over recent weeks. As a whole, the number of new daily virus cases around the country is far higher than it...
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