[ChartWatch] Biden Transition and Vaccine Hopes Weigh on Gold for Now

Today we are taking our monthly look at the charts for gold and silver.

We have now received news of 3 Covid19 vaccines that are seeking approval following successful trials and markets have sat up and listened.

Investors have moved in to “Risk On” mode as a result of the vaccine developments and also on signs that the transition to the Biden administration is now progressing better than previously. While stock markets, oil markets and cryptos have benefitted from this renewed positive sentiment, the precious metals have been sold down as a result.

First let’s take a look at the gold price chart…

GoldCore Gold Chart

The support level at $1,860 which had help on a number of occasions recently, eventually succumbed to the positive news cycle and heavy selling.

Intra-day today the next support level at $1,810 was breached and gold traded down to the 200 Day Moving Average at approx. $1,795.

We will be watching closely to see if gold can rally from here and close the day above $1,810 or the $1,795 level. Failure to do so may open up the opportunities get in to the market at lower levels near the next support at $1,750.

GoldCore Silver Chart

Meanwhile, silver is trying hard to stay above support at $22.75. As we have mentioned before, a breach of this level could present further opportunities to buy silver at lower prices as there is little in the way of technical support nearby, below here.

A breach of $22.75 could set up a test of support of $21.20 or $19.50 below this.

What You Need to Know about “The Great Reset”

However, if silver holds and rallies from here it would be further evidence of a strong consolidation which would build a nice base for the next inevitable leg higher for the white metal.

The news cycle is moving very fast at the moment and with the vaccine news circulating widely this may lead to complacency in behaviour, which in turn may see a rise in Covid19 cases. Regardless of anyone’s individual view on the management of the virus or political persuasions, we can guarantee that policy makers will act to further contain the spread of the virus if this happens. This will have unintended consequences for our economies, and financial markets and the short-term positive news cycle will change very quickly once again.

More important than the short-term vagaries of the markets are the long-term market developments. In this months episode of The Goldnomics Podcast we discuss “The Great Reset” and how it will effect investors and what to do about it. You can listen to the full episode here or by clicking the video below.

NEWS and COMMENTARY

Gold extends slide as investors shift to ‘risk on’ mode

Dow rises for a second day, gains more than 300 points as Trump administration begins transition

Stocks and oil ride high on Biden transition and vaccine hopes

Watch Our Latest Video Update on YouTube

GOLD PRICES (USD, GBP & EUR – AM/ PM LBMA Fix)

23-Nov-20 1863.80 1840.20 1394.31 1378.49 1568.760 1552.02
20-Nov-20 1867.00 1875.70 1406.04 1412.21 1575.00 1580.46
19-Nov-20 1857.40 1857.35 1405.87 1404.16 1570.99 1569.46
18-Nov-20 1877.20 1876.10 1412.59 1411.20 1579.66 1580.99
17-Nov-20 1885.40 1889.05 1424.61 1425.29 1588.83 1591.52
16-Nov-20 1892.60 1885.60 1436.67 1430.98 1598.11 1594.84
13-Nov-20 1878.20 1890.90 1425.93 1437.08 1588.02 1600.27
12-Nov-20 1868.00 1874.85 1415.57 1424.70 1581.08 1589.31
11-Nov-20 1876.20 1860.95 1415.41 1408.37 1591.02 1583.48
10-Nov-20 1874.90 1878.70 1416.49 1417.48 1589.54 1590.13

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Stephen Flood

Stephen Flood is the CEO of GoldCore. He is a former Wall Street equity trader and FinTech expert. He has been involved in the precious metals markets since 2004 and has appeared as an expert contributor on CNBC, CNN, BBC, RTE & Bloomberg TV and has had articles published in the Irish Times, Irish Independent and The Sunday Business Post.

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