Gold futures rose on Friday as the U.S. Dollar fell against a basket of currencies on uncertainty surrounding the U.S. election outcome, with bets increasing for continued pandemic-led stimulus and accommodative monetary policy.
Democrat candidate Joe Biden edged closer to the White House as several close races flipped in his direction throughout the day. Traders also saw the prospects of a prompt stimulus package fading because of a divided Congress, driving expectations that the U.S. Federal Reserve might need to fill the gap.
On Friday, December Comex gold settled at $1951.70, up $4.90 or +0.25%
Friday’s price action suggests that the current macro environment is supportive for gold regardless of the outcome of the election. Investors seem to feel that fiscal stimulus is coming over the short-run, but more importantly, monetary policy is likely to remain supportive because of the fragile economy.Daily December Comex Gold Daily Swing Chart Technical Analysis The main […]
November 7, 2020 (updated November 7, 2020) Published by StockMan