Gold Price Analysis: Elliott Wave analysis shows that prices could be heading towards $1600
There has been lots going on over the past few sessions with both the ECB and Fed giving us updates. Without going into a long-winded rant about all money being worthless in this environment, it seems that both of the worlds biggest central banks have confirmed their relative forms of QE are here to stay for as long as they are needed. This also includes previous rounds which are going to be reinvested. Despite this fact, the markets seem to be latching on the theme that the economies are going to reopen soon but the indices are struggling today. A mixture of month-end flows and a worse than expected US jobless claims number (3,839K vs Exp 3,500K) sent equities tumbling with all major EU and US bourses trading lower despite a fairly healthy Asian session.
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Gold in the balance of COVID-19 waves of global resurgence
Gold is currently trading at $1,684.28, -1.55% having travelled between a high of $1,721.94 to a low of $1,682.07. The pressure is on as market anxiety over COVID-19 started to dissipate in recent days on the notion that nations and some US states will be getting business back to work.
The risk profile in financial and commodity markets has taken a turn for the better of late and gold is suffering as a consequence. The precious metal has been unable to get above the 1750s and bulls have run out of steam.
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