Gold (XAU/USD) wavers in a familiar range on the US election day this Tuesday, as a sense of caution sets amid a tighter presidential race in key six swing states. The US dollar remains on the back foot amid the upbeat market mood, fuelled by the stronger-than-expected US and Chinese Manufacturing PMIs.
The bull-bear tug-of-war could likely extend, as investors will refrain from placing any directional bets on gold ahead of the election outcome. A ‘blue sweep’ is the only thing the gold buyers could ask for. In the meantime, the risk of a contested election keeps the upside in check. Let’s take a look at the key technical levels in the run-up to the election showdown. Gold: Key resistances and supports
The Technical Confluences Indicator shows that the yellow metal is likely to face an uphill battle to take on the upside, with the immediate barrier seen around $1896, […]
November 3, 2020 (updated November 3, 2020) Published by StockMan