Gold prices rose on Tuesday as the U.S. Dollar fell against a basket of major currencies as investors bet on increased stimulus if Joe Biden wins the U.S. presidential election against President Donald Trump.
The dollar slid on the notion a Biden victory would weaken the greenback as the former Democratic vice president is expected to spend big on stimulus and take a more market-friendly approach to trade boosting other currencies at the dollar’s expense.
On Tuesday, December Comex gold futures settled at $1910.50, up $18.00 or +0.95%.
Gains may have been capped by the possibility that there is going to be chaos and controversy surrounding the U.S. election results. These include predictions of lawsuits and recounts. If this is the case then investors could jump into the safe-haven U.S. Dollar, driving down gold prices.Daily December Comex Gold Daily Swing Chart Technical Analysis The main trend is down according to the daily […]
November 4, 2020 (updated November 4, 2020) Published by StockMan