06.10.202015:13 Forex Analysis & Reviews: Gold sank amid rise in stock markets

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The price of gold declined Tuesday morning, in light of the strengthening in the US stock market after its global fall that was triggered by the news that Donald Trump tested positive for COVID-19. Trump is now discharged and is sent home for further treatment. This immediately caused the shares to increase in price and put the price of gold under pressure.

Gold sank 0.3%, which moved the precious metal to the level of $ 1,907. 21 per troy ounce. At the same time, the support level of the metal was $ 1,890 per troy ounce, and the resistance moved, respectively, to $ 1,924. 90 per troy ounce.

Stock markets were active and encouraging, as the value of securities coped with the negative correction that occurred the day before, and moved to growth. Of course, this could not but have an impact on gold, which in turn lost momentum to move up.

However, it is not necessary to say that the fall in the price of the precious metal will be prolonged. Currently, the US dollar continues to show its weak position, which leads to a decrease in its rate. This means that the negative market for precious metals is a temporary trend that can be easily managed. Buyers will sooner or later return to a safe haven amid the general instability of the markets. Moreover, the prospect for gold's growth is above the strategically and psychologically important mark of $1,900 per troy ounce. As long as it consolidates above this limit, the danger of a global fall may be avoided.

Silver futures for December delivery fell 0.26% pushing it back to $ 24.497 per troy ounce.

The price of palladium also slipped 0.26%. It moved up to $ 2,355.93 per ounce.

Platinum supported the negative trend: its price dipped by 0.86% and reached the level of $889.24 per ounce.

Copper futures contracts for December delivery, on the contrary, slightly rose 0.01%, which pushed it to $2.9642 per pound.

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