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(20 October 2020)DAILY MARKET BRIEF 2:Gold has also dropped – Market News – 20 October 2020

In the commodity market, oil prices continue to decline for a fourth straight session on Tuesday morning, as investors are worried that the second wave of the pandemic is hindering the recovery in fuel demand. Still, the two crude brands are trading sideways on larger timeframes. Both WTI and Brent have declined by about 0.30%.

Gold has also dropped in early trading on Tuesday, as investors are monitoring negotiations between Pelosi and Mnuchin. The metal fell 0.41%, trading near the support level at $1,900.

In FX, the US dollar is in wait-and-see mode. The USD Index shows no direction at 93.410. EUR/USD is up 0.07% to 1.1774.

The pound is trading in tandem with the greenback and is down against the European currency amid the never-ending Brexit talks saga. The British currency is under increased pressure as Wales introduces lockdown measures, while the number of infections continues to accelerate in the UK.

By Strategy Desk

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