Wednesday 30/07/2020 - Precious Metals

This week has seen precious metals move from bullish positions to quick reversals bearish. In the early hours of Monday morning we saw Gold climb to $1980.08 an ounce and then as we approach the end of today (Wednesday) here in the UK, we see how gold is running short as low as $1941.30 an ounce. The RSI indicator on Monday was already at 85 and the growing concern was when were we likely to see a pull back in Gold and how would that affect all the other precious metals, therefore the pullback we have seen was expected at some point.

As it so happens all the metals have been impacted by Gold and are indeed also falling bearish.

As growing concern around Covid-19 and a second wave remain high it can be expected that Gold still has another push bullish possibly waiting for the markets. Keeping in mind that all the other metals are likely to follow closely behind.

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