November is certainly shaping up to be an incredibly lucrative month for Commodity traders.
Gold pulled back on Monday to post its biggest one-day move in seven years on positive coronavirus vaccine news – presenting savvy traders with an incredible shorting opportunity.
Gold price came under intense selling pressure after pharmaceutical companies – Pfizer and BioNTech announced that their experimental COVID-19 vaccine was found to be more than 90% effective.
The vaccine news came after coronavirus infections worldwide exceeded 50 million on Sunday – with the United States accounting for the biggest number individually at 10 million.
Traders viewed the much-sought-after vaccine news as bullish for the global economy – immediately switching to riskier assets – signalling a series of massive selling opportunities across the precious metals complex.
Looking ahead, the major market-moving events that traders will be watching closely for clues on gold’s next big move include; the outcome of the U.S presidential election, new vaccine developments and whether or not there will be a new coronavirus stimulus bill before the end of the year.
Where are prices heading next? Watch The Commodity Report now, for my latest price forecasts and predictions
Trading has large potential rewards, but also large potential risk and may not be suitable for all investors. The value of your investments and income may go down as well as up. You should not speculate with capital that you cannot afford to lose. Ensure you fully understand the risks and seek independent advice if necessary.
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EUR/USD clings to modest daily gains above 1.0850 in the second half of the day on Friday. The improving risk mood makes it difficult for the US Dollar to hold its ground after PCE inflation data, helping the pair edge higher ahead of the weekend.
GBP/USD stabilizes above 1.2850 as risk mood improves
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GBP/USD maintains recovery momentum and fluctuates above 1.2850 in the American session on Friday. The positive shift seen in risk mood doesn't allow the US Dollar to preserve its strength and supports the pair.
Gold rebounds above $2,380 as US yields stretch lower
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Following a quiet European session, Gold gathers bullish momentum and trades decisively higher on the day above $2,380. The benchmark 10-year US Treasury bond yield loses more than 1% on the day after US PCE inflation data, fuelling XAU/USD's upside.
Avalanche price sets for a rally following retest of key support level
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Avalanche (AVAX) price bounced off the $26.34 support level to trade at $27.95 as of Friday. Growing on-chain development activity indicates a potential bullish move in the coming days.
The election, Trump's Dollar policy, and the future of the Yen
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After an assassination attempt on former President Donald Trump and drop out of President Biden, Kamala Harris has been endorsed as the Democratic candidate to compete against Trump in the upcoming November US presidential election.