Up or down: Where are Gold prices heading next? [video]
|November is certainly shaping up to be an incredibly lucrative month for Commodity traders.
Gold pulled back on Monday to post its biggest one-day move in seven years on positive coronavirus vaccine news – presenting savvy traders with an incredible shorting opportunity.
Gold price came under intense selling pressure after pharmaceutical companies – Pfizer and BioNTech announced that their experimental COVID-19 vaccine was found to be more than 90% effective.
The vaccine news came after coronavirus infections worldwide exceeded 50 million on Sunday – with the United States accounting for the biggest number individually at 10 million.
Traders viewed the much-sought-after vaccine news as bullish for the global economy – immediately switching to riskier assets – signalling a series of massive selling opportunities across the precious metals complex.
Looking ahead, the major market-moving events that traders will be watching closely for clues on gold’s next big move include; the outcome of the U.S presidential election, new vaccine developments and whether or not there will be a new coronavirus stimulus bill before the end of the year.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions
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