Gold: Vaccine Breakthrough Caused Fundamental Changes
George Lam November 10, 2020 1:43 PM
Spot gold tumbled 4.5% on Monday, the largest daily decline since August and wiped out all of its gains made last week.
From a technical point of view, spot gold's downside risks re-emerged as shown on the daily chart. A bearish evening star pattern may have formed in the past few session, where a breakthrough from the declining line may be proven to be a false break. The level at $1,921 might be considered as the nearest resistance, while the 1st and 2nd support are expected to be located at $1,848 and $1,775 respectively.
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