Gold traces a Downward Correction on the 19th of August (Wednesday)

Gold traces a Downward Correction on the 19th of August (Wednesday)

August 31, 2020

The price of gold futures contract gained 0.72 percent, on Wednesday the 18th of August. The yellow precious metal recorded a short-term upward movement after a break it made beyond short-term limited highs between the 1,970 USD level to the 1,975 USD level. 

The prices of gold have been rising and falling since after the bounce that occurred from lows of 1,874.20 USD between Wednesday to Thursday last week. The market on Tuesday recorded an additional retracement from a10.3% downtrend from the fresh record high of 2,089.20 USD. Gold made a sharp rebound after the last Friday’s release of Nonfarm Payrolls release and a few other factors. The leap still appears like an uptrend correction, as the daily chart shows. 

Gold trades for 0.7% lower on the morning of 19th August 2020 while retracing a few of the short-term upward movement it traced recently.

 

 



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