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Gold prices dropped to one-month lows on Thursday, hurt by a stronger dollar and lack of clarity on a U.S. stimulus agreement, while concerns over a spike in COVID-19 cases and uncertainty ahead of U.S. elections limited losses of the metal.
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Currently, there is little to take advantage of without being exposed to swings.
The case for the downside is diluted by the monthly support while the upside opportunities would be best placed once there has been an actual test of the monthly support. The right-hand shoulder (RHS) of the head and shoulders is also an M-formation. The neckline can be targeted.
AUD/USD fell on Thursday, surrendering an overnight bounce and putting key support near 0.7000 under threat as COVID concerns, U.S. election uncertainty and interest rate influences keep risk aversion high.
Investors flocked to the safe-haven U.S. dollar and yen as pandemic lockdowns dimmed global economic recovery hopes, while tightening polls and concerns about a potentially contested U.S. election result added to unease.
The RBA meets on Nov. 3 and is expected to cut rates. Economists in a poll expected the RBA to expand its bond buying program, allowing Australian-U.S. spreads to hand the U.S. dollar a yield advantage.
Contact our advisors through website chat
Contact our advisors through website chat
Contact our advisors through website chat
Contact our advisors through website chat
Contact our advisors through website chat
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High Risk Investment Warning: Trading foreign exchange and contracts for differences on margin carries a high level of risk and may not be suitable for all investors.
