COVID-19’s Flare-up Contributes to Opposite Tend of Gold and Oil| KOL Analysis•Jasper Lo

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.

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.

[About The Author]

Since 1987, Jasper Lo has been engaged in the financial industry (forex, futures and gold) for more than 32 years and holds forex R.O., securities and futures broker licenses. Mr Lo is an expert in trading forex, precious metals and commodity futures and an basic and technical analyst.

Over the years, Mr Lo won many individual and team sales champion awards, as well as outstanding employee awards. He was invited, as a guest mentor, to the University of Hong Kong, Guangdong Ocean University and Guangzhou Jinan University. And he was also appointed as the chief training consultant by Hantang Securities and Dongguan Securities in China.

Mr Los experience as guest of honor invited by media including Chinese and English newspapers and columnist:

-Guest of honor invited by TVB New Channels such as Finance Channel, Forex Focus, Global Watch

-Guest of honor invited by Now Finance Channel - Forex Reports

-Guest of honor invited by i-CABLE Finance Info Channel - Forex Opportunities

-Guest of honor invited by ViuTV - Investor Smarter Group

-Columnist of Finance and Forex Market of Ming Pao

-Presenter of Finance and Forex Forecast of Ming Pao

-Presenter of Investment 36 Stratagem and Technical Analysis in 1 Min of Ming Bao Finance

-Appointed lecturer of Ming Pao Investment Seminar and Paid Course

-Author of the best seller Investment 36 Stratagem

-Columnist of Forex Expert, Forex Analyst, Marathon Weekly of ET Net

-Guest of honor of Open Good Morning of ET Net

-Guest of honor of Metro Finance Channel - Market Opening, Instant Market Fighting, Guangdong-Hong Kong Finance, Finances Power, Market Analysis

-Guest of honor of New Era of Investment of RTHK

-Columnist of Capital Commodities of Capital Weekly

-Guest Presenter of Wang Guanyi Online Finance Channel - Fund and Commercial Bond

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

-Guest presenter of Weekly Investment in the World of Enrich Culture

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