24 Nov

Gold Drops To A Four-Month Low

November 24, 2020

The precious metal broke the support near 1850, falling to a four-month of 1830 before pulling back moderately.

The declines come amid rising optimism of a Coronavirus vaccine. The US dollar rebounded, adding further pressure to the precious metal.

Gold prices have been trading on a softer note in the past few sessions, following the declines from 9th November.

With the 1850 handle breached, the precious metal is likely to extend declines down to the 1800 level next.

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To the upside, any retracement toward the 1850 level could see additional selling opportunities for investors.

By Orbex

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Gold Drops To A Four-Month Low