Gold slumped more than 3% on Wednesday, as the dollar jumped and Treasury yields gained after the U.S. Federal Reserve’s July meeting minutes showed policymakers expressed little support to cap bond yields. U.S. Treasury yields rose and the dollar jumped 0.8% after the minutes, ending a five-session slide to over a two-year low. The Fed reiterated the economic downturn triggered by the coronavirus pandemic faces a highly uncertain path and additional fiscal stimulus would needed to support the economy. Gold was also pressured on Wednesday as a senior Trump administration official said a smaller coronavirus relief bill worth around $500 billion could be reached, as opposed to one between $1 trillion and $3 trillion that had been previously expected. Widespread stimulus measures and a low interest rate environment pushed gold prices to an all-time peak on Aug. 7, but bullion has pared gains since then.
TREND : WEAK BEARISH / SIDEWAYS
Time : 20/08/2020
Pivot : 1957.43
Technical View : LONG ABOVE 1973.89
Target : 1990.36, 2030.93, 2063.79
Technical View : SHORT BELOW 1936.98
Target : 1916.53, 1883.77, 1843.11