Even the yellow metal couldn't stay immune from the brutal market sell-off   


13 March 2020 : Not even safe-haven Gold has escaped the brutal market sell-off, as the pandemic panic sweeping global equities forced investors to cover margin calls.

 

The precious metal has depreciated over 5% this week despite the market chaos, which puts it on track for its biggest weekly loss since 2011. An appreciating Dollar also added to the pain with prices trading around $1591, as of writing.

 

Focusing on the technical picture, prices are bearish with sustained weakness below $1600 opening the doors towards $1555. If bulls are able to secure a weekly close above $1600, the next key level of interest will be found at $1620.


Reporting for EasyKobo on Friday , 13 March 2020 in Lagos, Nigeria


Source : Lukman Otunuga, Senior Research Analyst at FXTM


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