Home Gold News Gold Prices Fell on Tuesday, Weighed Down by a Stronger Dollar

Gold Prices Fell on Tuesday, Weighed Down by a Stronger Dollar


Gold prices fell on Tuesday, weighed down by a stronger dollar as investors focused on the fiscal stimulus plan in the United States and escalating U.S.-China tensions ahead of key trade talks later this week. U.S. gold futures eased 0.3% to $2,033.60. Silver dropped 1.2% to $28.81 per ounce. The dollar index rose 0.1% to hold near a one-week high against its rivals, making gold more expensive for holders of other currencies. China imposed sanctions on 11 U.S. citizens including lawmakers from President Donald Trump’s Republican Party in response to Washington’s imposition of sanctions on Hong Kong and Chinese officials accused of curtailing political freedoms in the former British colony. 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 on Monday 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.


Time                                      :           11/08/2020

Pivot                                      :           2030.91

Technical View                     :             LONG ABOVE 2037.12

Target                                   :            2043.36, 2049.82, 2062.07, 2074.18

Technical View                     :             SHORT BELOW 2024.87

Target                                   :            2018.83, 2012.14, 2000.12, 1981.32


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