Gold was up on Monday morning in Asia as the U.S. dollar fell on global COVID-19 news. The coronavirus pandemic is strengthening, with European and U.S. case numbers of particular concern.
Gold prices are on the rise after last week’s retreat. The rapid build in COVID-19 cases, along with the corresponding fall in economic activity as countries and U.S. states impose stronger public health measures, has caused a return to the safe-haven asset. The initial positivity brought about by last week’s Pfizer Inc (NYSE:PFE) and BioNTech’s (F:22UAy) vaccine news has worn off as investors digest the logistical difficulties of delivering a vaccine that requires -70C (-94F) storage and transport temperatures to be viable. Alongside that is the lack of information on just how long the immunity conferred will actually last, data that cannot be ascertained until the vaccine has been in circulation.
TREND : SIDEWAYS
Time : 16/11/2020
Pivot : 1893.37
Technical View : LONG ABOVE 1897.18
Target : 1900.99, 1906.19, 1913.16
Technical View : SHORT BELOW 1890.79
Target : 1888.22, 1881.15, 1875.15