Gold futures are holding steady late in the session on Monday despite a firmer U.S. Dollar and strong demand for higher risk assets. Some traders are saying a spike in global coronavirus cases is helping to underpin the dollar-denominated assets because of their potential to weaken the global economic recovery. This could lead to additional monetary stimulus from the central banks and fore fiscal stimulus from the U.S. government.
At 18:53 GMT, December Comex gold futures are trading $1893.30, up $13.40 or +0.71%.
Traders are also monitoring the polls before the U.S. presidential election on Tuesday. Democrat Joe Biden is leading U.S. President Donald Trump in national opinion polls, but the race is tight in several battleground states, with mounting fears the results may not be clear on Tuesday night as ballot counting could take days.
Daily December Comex Gold Daily Swing Chart Technical Analysis The main trend is down according to […]
November 3, 2020 (updated November 3, 2020) Published by StockMan