Up or down: Where are Gold prices heading next? [video]

Phil Carr The Gold & Silver Club

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

Author

Phil Carr

The Gold & Silver Club

Phil is the co-founder and Head of Trading at The Gold & Silver Club, an international Commodities Trading Firm specializing in Metals, Energies and Soft Commodities.

EUR/USD: US Dollar to remain pressured until uncertainty fog dissipates

Unimpressive European Central Bank left monetary policy unchanged for the fifth consecutive meeting. The United States first-tier employment and inflation data is scheduled for the second week of February. EUR/USD battles to remain afloat above 1.1800, sellers moving to the sidelines.

GBP/USD softens to near 1.3600 as BoE hints further rate cuts

The GBP/USD pair loses ground to near 1.3610 during the early Asian session on Monday. The Pound Sterling softens against the Greenback amid growing expectations of the Bank of England’s interest-rate cut. Traders will take more cues from the Fedspeak later on Monday.

Gold holds gains near $5,000 as China's gold buying drives demand

Gold price clings to the latest uptick near $5,000 in Asian trading on Monday. The precious metal holds its recovery amid a weaker US Dollar and rising demand from the Chinese central bank. The delayed release of the US employment report for January will be in the spotlight later this week.

Bitcoin Weekly Forecast: The worst may be behind us

Bitcoin price recovers slightly, trading at $65,000 at the time of writing on Friday, after reaching a low of $60,000 during the early Asian trading session. The Crypto King remained under pressure so far this week, posting three consecutive weeks of losses exceeding 30%.

Weekly column: Saturn-Neptune and the end of the Dollar’s 15-year bull cycle

Tariffs are not only inflationary for a nation but also risk undermining the trust and credibility that go hand in hand with the responsibility of being the leading nation in the free world and controlling the world’s reserve currency.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.