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Gold may come under more downward pressure in recent times: HSBC

Gold may come under more downward pressure in recent times: HSBC

  • Update Time : Wednesday, November 18, 2020
  • 24 Time View
XAU/USD (GOLD): Technical Analysis | November 25, 2020
XAU/USD (GOLD): Technical Analysis | November 25, 2020

MarketDeal24.Com – News of the coronavirus vaccine has had a huge impact on the market, putting pressure on gold to drop below $1,900 per ounce. HSBC experts believe that the price of gold will fall further in the short term, although the price of gold in the long term is still positive.

The risks that increase the price of gold are not present in the market at present. The value of two assets has risen in recent times to reduce the value of gold – the US dollar and the US Treasury Yield. The equity market has also seen a sharp rise in prices, which is negative for gold.

Initially, as risk sentiment changes, the price of gold may fall further and the may move closer to support level $1,800. If the value of the U.S. dollar and U.S. Treasury Yield rise again, further pressure on Gold could increase.

As the risk in the market increases or the amount of debt increases, the price of gold increases. Market risk now depends on the corona infection and how quickly the vaccine comes on the market. In addition, changes in the economic policies of the big central banks will also affect the price of gold.

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