Daily Alert – Wednesday 24th June 2020: GOLD is the major mover as sentiment worsens

Mark Nugent Daily Alert, June 2020

Daily Alert – Wednesday 24th June 2020: GOLD is the major mover as sentiment worsens

Covid-19 continues to worry the markets with officials in Houston saying they will run out of intensive care unit beds in 11 days at the current rate of infection. Of course it has been the avoidance of such scenarios that has prompted the global lockdown in the first place.

Equities are flat and currencies are showing little volatility and what there is is choppy, i.e. up one day and down the next.

The big mover is GOLD. As I had GOLD long on my watch list and yesterday the price made a decisive move above the recent 10 week consolidation zone, I placed a long trade. So far it is moving in the right direction, albeit slowly.

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