Comments by UK finance minister, Rishi Sunak
- March budget will be excellent opportunity to take stock
- Will lay out next steps on virus support measures at March budget
This follows the earlier announcement of additional grants totaling £4.6 billion to aid businesses amid the third national lockdown in the UK.
Just keep in mind the timing, as the UK likes to coordinate efforts between the government and the central bank - so this could lend to some possibility of the BOE acting as well.
For now though, the money market has fully priced in a 10 bps rate cut by the BOE by August as compared to November previously last week. The timeframe in which implied rates turn negative has moved up to May as compared to June previously though.
Further Development
Analyzing the current trading chart of Gold, I found that the Gold is heading to test our major targets at the price of $1,960 and $1,965.
1-Day relative strength performance Finviz
Based on the graph above I found that on the top of the list we got Natural Gas and Platinum today and on the bottom Ethanol and Feeder Cattle.
Key Levels:
Resistance: $1,960
Support level: $1,948 (previous day high)
