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
Trading has large potential rewards, but also large potential risk and may not be suitable for all investors. The value of your investments and income may go down as well as up. You should not speculate with capital that you cannot afford to lose. Ensure you fully understand the risks and seek independent advice if necessary.
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