Connect with us

Precious Metals

Daily market commentary: Global shares drifted significantly lower after a new strain of SARS-CoV-2 emerged

GOLD As markets scramble back to risk-off strategies, the gold price continues to rally. Bullion finished last week close to…
The post Daily market commentary: Global shares drifted significantly lower after a new strain of SARS-CoV-2 emerged appeared..

Share this article:

Published

on

This article was originally published by LeapRate

GOLD

As markets scramble back to risk-off strategies, the gold price continues to rally. Bullion finished last week close to $1,900, pulled up by new stimulus from central banks and expectations for new measures in the upcoming months. News of the latest UK Covid variant has given further fuel to the precious metal recovery.

From a technical point of view, gold is continuing to regain momentum. After an initial jump to $1,911, the spot price is consolidating on the $1,900 level, in a scenario which remains positive as investors rotate part of their portfolios from stocks to safe haven once again. A first support zone is placed relatively close, at $1,890, while the following key level is $1,875. A surpassing of the early morning peak at $1,911 would offer another positive signal.

Carlo Alberto De Casa – Chief analyst, ActivTrades 

EUROPEAN SHARES 

Global shares drifted significantly lower at the start of the week as market sentiment is weighed down by renewed virus fears after a new strain of SARS-CoV-2 emerged in the UK. This new variant, far more easily transmittable than previous strains, has had an immediate negative impact on riskier assets around the globe, even offsetting the recent reassuring news on both vaccine deployments and economic stimulus packages. Unsurprisingly, Travel & Leisure as well as Energy shares lead declines in Europe today, as traders move to hedge portfolios by increasing exposures in safe havens such as gold and silver. The trend may continue further today as no major data release or news is expected by investors, and most are likely to wait for evidence that current vaccines will still work against this new variant before going back to stocks again.

Pierre Veyret– Technical analyst, ActivTrades


Disclaimer: opinions are personal to the authors and do not reflect the opinions of LeapRate. This is not a trading advice.

The post Daily market commentary: Global shares drifted significantly lower after a new strain of SARS-CoV-2 emerged appeared first on LeapRate.

Share this article:

Companies

Gold Digger: Gold flirts with US$2,000/oz, leaves everyone frustrated and wanting more

Gold rallies past US1,950/oz on Fedspeak, before falling back below US$1,920/oz on Friday “Bullion traders will need to see disinflation … Read More
The…

Share this article:

Continue Reading
Uncategorized

3 Best Passive Investments to Buy Now

The three best passive investments include an emerging market technology fund, a health care exchange-traded fund (ETF) and a diverse portfolio of commodities….

Share this article:

Continue Reading
Economics

Disagreements and First Principles: The Pushback on my Tesla Valuation

I wrote about my most recent valuation of Tesla just over a week ago, and as has always been the case when I value this company, I have heard from both…

Share this article:

Continue Reading

Trending