「KOL Analysis•Bola Akinya」Gold, the World’s most popular Currency is becoming de-globalised.

Scottia-Mocatta, long the largest gold bullion dealer, is being undone and shut down by Scotiabank.

JPMorgan, being the leading US bullion bank, is ever more disinclined to take on new counterparties. Aside its other issues, HSBC had to take a huge cut on its gold trading due to the pandemic.

The edge was taken off Gold prices on Monday as investors trading safe-haven instruments gave ground based on fresh fears of surge on infection from the Corona virus in the United States and various other countries including the UK.

A stronger USD from earlier in the Monday session also weighed on gold.

For August. US gold futures delivery settled down $10.10, or 0.6%, at $1,727.10 per ounce. Last week, the gold futures benchmark rose more than $54, or 3.1%.

Spot Gold. Which follows real-time trades in bullion, slipped to $3.50, or 0.2%, to $1,727.36 by 2:47 PM ET (18:47 GMT).

Gold flashes green as the dollar remains on the defensive during Tuesday's Asian trading hours. Fed's decision to buy corporate bonds has restored risk sentiment in stock markets.

Risk reset remains vulnerable to signs of second wave of coronavirus in the US.

“Gold is looking to test the lower bound of the range once again as the market narrative of a second wave grows stronger,”

Oil prices dipped on Tuesday on jitters that a rise in coronavirus infections around the world could hurt fuel demand, but hopes that production cuts could be extended kept declines in check.

Brent Crude oil was down 14 cents, or 0.4%, at $39.58 a barrel at 0027 GMT, having gained 2.6% on Monday.

U.S. oil fell 24 cents, or 0.7%, to $36.88 a barrel, after closing 2.4% higher in the previous session.

Coronavirus cases rose to more than 8 million worldwide by Monday, with infections surging in Latin America, while the United States and China are dealing with fresh outbreaks.

But with little new information in current COVID-19 trends, the recent fears and weakness in the market may be exaggerated by the latest news on an expected spike instead of a secondary economic shock.

It is of utmost importance to world leaders, investors and actually everyone not to rule out the thought of a second coronavirus wave and that possibility has grown exponentially.

Unfortunately, those worries are becoming reality in many parts of the world. The new cases in Florida, Texas and Arizona hit daily record highs.

Abroad, were seeing fresh outbreaks in major cities like Beijing and Tokyo.

Chinas decision to establish some lockdown measures has many investors worried that these same steps will need to be taken in other parts of the world.

So far China has locked down 11 residential compounds, shut down major food markets, banned inter-province tourism and delayed school re openings.

The poundjumped from session lows against the dollar on Monday as the U.K and European Union agreed to double up on post-Brexit talks.

Prime Minister Boris Johnson raised hopes that an outline of a deal could be reached by the end of next month, July.

GBP/USD spiked 0.37% to $1.259 from a session low of $1.235.

After the latest series of U.K.-EU trade talks failed to yield concrete or favourable results, Johnson stated that he would work with the EU to find common ground to break the non-progress.

The tentative optimism on arriving at a deal comes as the U.K. on Friday said it would not extend trade talks beyond December.

The EU has suggested Oct. 31 as the latest date a deal can be reached to allow ample time for member states to back and arrive at formal sanction on the deal before the end of the transition period on December 31.

There was also a recognition in EU diplomatic circles that Britain was engaging positively with Brussels on implementing last years deal to avoid a hard-Irish border after Brexit, even though key operational details remain under discussion.

The GBP/USD, which opened the week with a 0.25% decline, has bounced up to text levels 0.65% higher at 1.2600.

Potentially, we see the pair vulnerable, although a clear move beyond 1.2550 would ease bearish pressure, “Resistance is at 1.2546/51 initially above which can ease the immediate downside bias with resistance then seen next at 1.2609 and with 1.2654 ideally now capping to keep the immediate risk to the downside.”

[About The Author]

Bola Akinya is a Forex trader and consultant with more than 20 years of immense experience in Forex Indices, Commodities and Currencies.

Prior to becoming a professional Trader, she held positions as a Head of Sales/Business Developer with Credit Registry and Operations Manager with Peak Merchant Bank both in Nigeria before moving to UK where she worked with great companies like AIG and The Wealth Training Company as Course Instructor and Speaker for over 15 years on the FX and Stock Markets before she set up her own Forex training school – The Learn and Earn Forex Training Company 5 years ago.

Company as Course Instructor and Speaker for over 15 years on the FX and Stock Markets before she started (my own) company

Through using of Fundamental and Technical analysis, with highlight of trader psychology, she has derived successful trading strategy in short and medium term.

As the top Forex coach and mentor, she has trained individual traders/investors with her formidable strategies.

ng Guanyi Online Finance Channel - Fund and Commercial Bond

-Columnist of Wealthub Finance and Investment Smart Platform of Enrich Culture

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