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Gold in free-fall

August 12, 2020 by Mario Soto

The strong dollar recovery has contributed to the nosedive that gold is taking. with America’s COVID situation and the little to no progress in the fiscal talks have also lead to gold free falling without a shoot. The run up was spectacular and the trend showed it would remain. But The bears came out of hibernation and boy were they hungry. After hitting an all time high at $2,075, it is now trading below $1,900. Update on RBNZ interest rate saw the Reserve Bank keeping interest rates on hold causing the pair to continue its descend to 0.6524 but saw a recovery to 0.6567. A possible break on the downside to 0.6544 could see further downside to 0.6500. On the upside bullish traders may consider a target of 0.6670.

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