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COVID-19’s Flare-up Contributes to Opposite Tend of Gold and Oil 16/7/2020
With a rally for a third consecutive week, gold price rose to 1,779.24 USD last week, approaching 8-year record high, as global stock markets fluctuated variously due to the worsening of COVID-19 with over 10 million confirmed cases in the world. In addition, geopolitical tensions in some regions also contribute to the upward trend of gold price. However, USD is favoured by investors because of an increasing risk aversion. So the strong USD might weaken the upward trend of gold.To get more news about WikiFX, you can visit wikifx news official website.


Gold is expected to keep rallying due to the factors above. Notably, gold‘s resistance level is at 1,788 USD, and the resistance level of gold extended wave is at 1,802 USD. At the same time, we cannot rule out the possibility that gold price would first challenge one of the two resistance level above, and then drop sharply. Especially when USD soars due to a nasty tumble of US stock, gold would be under more pressure to drop. It is worth noting that gold’s key level is at 1,745 USD. If gold fails to hold up the level, it will plummet.
In terms of WTI futures, it has the opposite trend of gold. Without the function of safe haven, oil prices are in a bad way because of a worse situation of COVID-19 and falling stock. WTI futures‘ reached the resistance level of 41.60 USD last week, and then dropped back to 37.09 USD. And WTI futures are likely to break the level of 37.09 USD, and further to approach the key level of 34.37 USD. The global stocks’ greater pressure to drop and the recent sharp rally of oil price may have a big chance to bolster the reproduction of US Shale and the significant increase of crude oil supply. Therefore, WTI futures are possibly to challenge another major support level of 30.72 USD. And it is estimated that oil prices will fluctuate horizontally in the range of 41.60-30.72.

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