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Gold stil hangs below an important level heading into the EU open

Admin
Nov 24, 2020 Precious Metals News Comments Off on Gold stil hangs below an important level heading into the EU open



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(Wallace Refiners) – Gold broke the consolidation low of $1848.84 per ounce to the downside during yesterdays session. Today that bearishness continued as the yellow metal heading into the EU session trading 0.37% lower. Silver is also looking weak and the precious metal has moved 0.63% in the red dipping below $23.50 per ounce. Risk sentiment in the equities markets was mixed overnight following a positive handover from Wall Street. The Nikkei 225 rose 2.50% as it was playing catch up following a public holiday and the ASX also posted a gain of 1.26%. The Shanghai Composite, however, fell 0.34%.

Both NZD and AUD performed well overnight as comments from the RBNZ and RBA boosed their currencies. RBA’s Debelle said the bank is not convinced negative rates would work and added he does not expect a rate hike for 3 years. Interestingly the RBNZ said the NZ government is considering adding house prices to the RBNZ mandate. Overall, this could be challenging to the ultra low-interest-rate policy as this makes lending more affordable and pushes house prices higher. 

Although Trump’s tweets were still defiant it seems the current US President may be willing to make way for Joe Biden. Trump is still insisting he has won the elecion but does give GSA head Murphy his blessing to proceed with the transition. Sticking with the US, it seems we get to hear from Janet Yellen again as Joe Biden picked the former head of the Fed as his Treasury Secretary.

Unlike gold and silver, the base metals are looking positive. Copper is trading 1.36% higher and aluminium (0.80%), lead (0.64%). zinc (0.10%) and tin (0.20%) are all looking positive this morning.

Looking ahead to the rest of the session and highlights include German Ifo, US consumer confidence and comments from BoE’s Haskel, ECB’s Lagarde, BoC’s Wilkins, Fed’s Clarida, Williams, Bullard, German Buba’s Beermann, Mauderer and BoJ’s Kuroda.

 


Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.



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