This article was first published on Orbex Forex Trading Blog.
- -
This content is synced from the rightful owners. Copyright on text and images belong to the original source.
- -

metals rally

Gold

The yellow metal enjoyed a much better session this week as prices rallied firmly.

The gold market has now traded back up to 1631.67 (as of writing) from last week’s 1450.13 lows. Fuelling the recovery was the broader rebound across asset markets this week.

Equities and commodities prices have been firmly lifted on the back of the slew of central bank easing we have seen in response to the coronavirus outbreak.

With nearly all G10 central banks having announced easing, and the Fed announcing that it will now run unlimited QE, the markets have finally started to stabilize following weeks of heavy selling. Gold prices are now not too far off their yearly highs around the 1700 level following this week’s recovery.

Gold prices had seen a lot of selling due to the need for traders to fund margin calls on losing equities trades. With equities markets recovering here, however, gold prices have been able to regain upside.

Gold Prices Break Back Above Bullish Channel

xauusd

The rally in gold pri...


--
To keep reading this article, please navigate to: Orbex Forex Trading Blog.

Tagged on: