Gold (XAU/USD) is looking for a clear direction while holding above $1900. The metal witnessed wild swings in choppy trading on Wednesday, in light of the chaotic and long US election. As it stands, Democrat Joe Biden is closer towards the US Presidency following a tighter race but the Trump campaign has filed a legal battle to contest the elections.
Meanwhile, prospects of Republicans taking over the Senate point towards a continued stimulus deadlock on a Biden win and keep markets unnerved. The risk-off flows amid election and policy uncertainty will likely keep a floor under gold prices, as attention turns towards the FOMC decision and US NFP report.
How is gold positioned technically? Gold: Key resistances and supports
The Technical Confluences Indicator shows that the yellow metal is holding firmer so far this session, looking to test immediate resistance at $1912, the confluence of the previous week high and Bollinger […]
November 9, 2020 (updated November 9, 2020) Published by StockMan