Tuesday, 10 November 2020

The "Pfizer Vaccine" and Biden's Victory Raises Oil and Lowers Gold

By Deya Hroob

Gold prices fell sharply during trading yesterday, Monday, while oil prices jumped about 10%, which is the largest one-day gain in more than 6 months, after the announcement by "Pfizer" (United States) and "Biontech" (Germany) that the vaccine is against Covid-19, which you are working to develop is "90% effective", after preliminary analysis of the results of the third phase of clinical trials currently underway, the last before submitting an application for licensing.

The announcement by Pfizer and Biontech about the Corona vaccine pushed stock markets to a sharp rise and undermined the attractiveness of the precious metal as a safe investment haven, which indicated that the price of US gold futures fell. 3.7% to $ 1850.00 an ounce.

Earlier, gold prices jumped to their highest level since September 16 at 1965.33 dollars an ounce, driven by the weakening of the dollar amid hopes of more stimulus in the wake of Joe Biden's victory in the US presidential election.

Gold Technical Analysis:

Gold is trading now at support structure, if we lose it a fall to 200-day EMA is possible.

$1900 level is acting as resistance. 

Trade Wise and Good Luck,

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