Riots, viruses, market crashes, unemployment that is through the roof and now some countries are reporting having to consider backing into lockdown measures again as the virus appears to be resurging, this can only lead to more businesses failing that was trying to recover.
2020 has truly proved itself to be a tough year but as traders, such events provide plenty of opportunity in the market. We could now be looking at a situation of short term stronger dollar from tomorrow which may lead to foreign currencies declining as a result and pushing gold lower. This will be beneficial as the lower prices in gold will allow us to build in those long term buy positions. For today its Monday expect a slow day with some moderate consolidation.
Our target is 1.1160
Our target is 1.2432
Our target is 1.3855
Our target is 1706.0