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Is Gold Loosing Its Shine?

August 24, 2020 by Mario Soto

It hasn’t been a good start to the week for the yellow metal with the downslide continuing for a second day. Closing Monday at around $1,923 the bulls picked  up some stock it has struggled to make any significant move to the upside. The range maintains between $1,924 and $1,934.   Continued weakness could see sentiment turn sour and have traders melting gold and selling it for scraps. Fundamentally this could be a likely outcome as we see many of the issues that have hit the economy continue to remain fiercely problematic. Coronavirus isn’t going away any time soon and even though the US, Russia and Australia claiming they have the cure, medical professionals are claiming that it won’t be safe for use for another 2 months. Meaning that we probably wont have control over the virus until 2022. Tensions between China and America remain, although talks of a sit down are heard in the winds.   Throughout the Asia trading day there is not much to make the metal move in either direction. Technically I would look at a run to the previous days high at $1956.05 with a break past that taking it to $1,971. On the other side look for a drop to $1,923 followed by $1,911.64 which is the previous weekly low.

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