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Gold futures are Trading sharply lower on Wednesday as another wave of covid-19 vaccine optimism is sweeping through the market prompting investors to liquidate their positions and cash in after what has been a decent one-week rally. The yellow metal is down 1.94 percent at the time of writing after having set a new low of 1,825.51 earlier in the session.
Renewed anticipation that a successful rollout of a covid-19 vaccine globally will take place sooner than later helped increase risk sentiment amongst Traders. Canada has now joined the UK in approving Pfizer and BioNTechs vaccine with more nations expected to follow suit in the coming days.
Meanwhile, in the US, discussions continue over a new fiscal stimulus package to support the virus-stricken economy. News that the negotiations between Republicans and Democrats have stalled is contributing to the downward pressure felt in gold today. That said we are still expecting a deal to be reached soon, the key question is how large the package will be. Anything below the expected $900 billion may send gold lower.
From a technical perspective, gold will look to stabilize above the pivotal 1,817.76 per ounce as markets await further clarity on stimulus measures. Gold bulls will look to climb back above the 1,852.08 marks to maintain the vulnerable uptrend from the past week. The upper resistANCe channel of 1,894-1,900 will be the ultimate target for buyers to establish themselves.
On the flip side, should US stimulus discussions stall, we may be looking at a push below the 1,800 level perhaps as low as the supportive 1,783.44 marks close to the multi-month low of 1,764. For now, the immediate downside area of interest will be the crossover of the 0.5 Fibonacci retracement level and the downtrend from August highs. A firm break below may accelerate any latent selling pressure.
(Chart Source: Tradingview 09.12.2020)
Looking ahead in the longer term, with the abundant monetary stimulus in the market with more yet to come, we believe that gold remains an attractive asset with strong upside potential. The artificial pumping of currency into the markets has caused some degree of mispricing in assets which may unravel once the tap is cut.
Disclaimer: This material has been created for information purposes only. All views expressed in this document are my own and do not necessarily represent the opinions of any entity.
本文标题：GOLDWELL：Daily Market Recap - GOLD Plunges on Profit Taking
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