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GOLD overview 24.11.2020

Gold falls on Trump agreeing to transition power.

Gold falling strongly on the widespread risk-on sentiment after Trump indicated the agreement to transition the power to the president elect Biden – clearing the major source of uncertainty regarding the USA election. The other factor which emboldened the gold bears is the announcement by AstraZeneca that their COVID-19 vaccine, which is cheaper to make, easier to distribute and faster to scale than the other vaccine candidates (also successful in their 3rd stage trials) could be as much as 90% effective. The earlier breakout of the powerful multi-month support level 1850.00 sparked the fresh quant fund selling adding to the bearish pressure on Gold.

Expect sellers on upward corrections.

Next support to watch 1790.00

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