Gold price sharply down as Russia approves Covid vaccine – by Jim Wyckoff (Kitco News – August 11, 2020)

(Kitco News) – Gold and silver prices are sharply lower in early U.S. trading Tuesday, with the yellow metal falling back below $2,000. Traders and investors have put risk back on the table today, due in part to news overnight that Russia has approved a Covid-19 vaccine.

Russian President Vladimir Putin told reporters the vaccine has been given to his daughter. However, global health experts are cautioning that the Russian vaccine is premature because it has not gone through full “stage three” trials that last a few months.

Still, the marketplace is so far Tuesday morning taking the Russian news as very good. October gold futures were last down $51.70 an ounce at $1,978.60. September Comex silver prices were last down $1.486 at $27.785 an ounce.

A look at the daily charts for both gold and silver today still show prices are in normal downside corrections in still-strong uptrends. More strong selling pressure this week could produce near-term chart damage.

Thus, price action in gold the rest of this week will be critical. Bulls still have the solid overall near-term technical advantage in both metals.

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