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Gold Correction Continues

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Gold plunged more than 5% Tuesday as demand for safe-haven fell following positive vaccine news and ongoing hopes for another road of fiscal stimulus, with analysts warning the correction could continue for a while. As well as positive vaccine news, fiscal stimulus hopes were renewed after lawmakers suggested they were ready to resume talks on a virus aid deal, while President Trump said he was mulling a capital gains tax cut. A rise in Treasury yields and move off the lows in the dollar kept gold on the back foot as it struggled to rediscover its form that led to a record high last week, when it pierced through the psychologically important $2,000 level. U.S. Treasury Secretary Steven Mnuchin said companies from China and other countries that do not comply with accounting standards will be delisted from U.S. stock exchanges as of the end of 2021. U.S. congressional leaders and Trump administration officials said they were ready to resume negotiations on a coronavirus aid deal, but talks remained deadlocked as Democrats said Republicans needed to meet them in the middle.

TREND : WEAK BEARISH

Time                                      :           12/08/2020

Pivot                                      :           1926.25

Technical View                     :             SHORT BELOW 1899.34

Target                                   :            1872.43, 1831.16, 1777.45, 1682.41

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