Analysis Market overview

GOLD overview 13.11.2020

Gold rises on explosion of infections worldwide.

Gold continues to grind higher as the markets are starting to feel more concerned about the geometric rise of coronavirus cases worldwide and in USA in particular. The initial vaccine related euphoria is fading as the investors are starting to understand that the logistic challenges of mass vaccination will most likely stand in the face of the much expected recovery from the large scale economic devastating caused by Covid-19 pandemic. There’s only going to be a limited number of vaccines produced in the next three months, even in 2021. Pessimistic comments from USA and EU central banks are also weighing on risk appetite globally. U.S. Federal Reserve chairman Jay Powell and ECB President Christine Lagarde said the economy was still in for a tough time in spite of the development of a potential vaccine.

Expect buyers on downward corrections.

Powerful support remains at 1850.00

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