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Virus spread beyond China drives investors to gold and dollar

Asian currencies slid on Monday as the rapid spread of the coronavirus outside China drove fears of a pandemic and sent investors flocking to gold and the dollar for safety. The Chinese, Australian, New Zealand, Singapore and Taiwan currencies were all on the back foot, with the Aussie carving a fresh 11-year low in early trade.

The Chinese, Australian, New Zealand, Singapore and Taiwan currencies were all on the back foot, with the Aussie carving a fresh 11-year low in early trade.

It was firmer against the euro at $1.0827 and pound at $1.2946. It last traded at $0.6613 per Australian dollar and $0.6324 per kiwi.

“From here on, a lot will depend on how fast China can resume production and contain negative implications for supply chains and global economic growth,” said Stephen Innes, Asia Pacific Market Strategist at AxiCorp.

https://www.cnbc.com/2020/02/24/forex-markets-coronavirus-in-focus.html

Coronavirus consumes markets, Gold eyeing $1,700, German data awaited

Risk-off: S&P futures, most Asian stocks, commodity currencies, and oil are down on Monday. AUD/USD temporarily hit a new decade low, below last week’s trough. While the Japanese yen is mostly unchanged, Gold prices have extended their gains, hitting a high of $1,680. Against the euro and the pound, the US dollar is recovering a significant chunk of its losses on Friday.

EUR/USD is trading closer to 1.08 ahead of the German IFO Business Climate figures for February. A slide from January’s 95.9 is likely. Regional elections in Hamburg have dealt a blow to Chancellor Angela Merkel’s CDU Party.

https://www.fxstreet.com/news/forex-today-coronavirus-consumes-markets-gold-eyeing-1-700-german-data-awaited-202002240625

Gold jumps over 2% as virus spread spurs safe-haven demand

  • Spot gold was up 1.1% at $1,661.86 per ounce by 0304 GMT, after climbing to $1,678.58 earlier in the session.
  • U.S. gold futures rose 1% to 1,664.60.
  • Among other precious metals, palladium eased 0.5% $2,690.52 per ounce.
  • Silver rose 1.2% to $18.69 an ounce, while platinum fell 0.7% to $966.54.

Gold prices climbed more than 2% on Monday to their highest since February 2013, as a spike in coronavirus cases in several countries outside China heightened worries about a hit to global economic growth, prompting a flight to safe havens.

https://www.cnbc.com/2020/02/24/gold-markets-coronavirus-in-focus.html

According to Trading Central (3rd party RIA) the GOLD could be heading UP to 1765 if it does not go BELOW 1590

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10629588

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1765
0.5€ 3,886.32€ 1,943.16€ 3,835.49
1€ 7,772.64€ 3,886.32€ 7,670.98
5€ 38,863.22€ 19,431.61€ 38,354.90
10€ 77,726.43€ 38,863.22€ 76,709.80
20€ 155,452.87€ 77,726.43€ 153,419.59


According to Trading Central (3rd party RIA) the USDCHF could be heading UP to 1.0025 if it does not go BELOW 0.9791

* Past performance is not a guarantee of future performance

https://europefx.tradingcentral.com/Product?PK_ANALYSE=10629599

Number of Lots:Required Margin:Risk Management (50%):Potential Profit/Loss 1.0025
1€ 3,080.71€ 1,540.36€ 2,119.50
5€ 15,403.57€ 30,807.15€ 10,597.50
10€ 30,807.15€ 61,614.29€ 21,195.00
25€ 77,017.87€ 154,035.74€ 52,987.50
50€ 154,035.74€ 308,071.47€ 105,975.00