Gold Price Futures (GC) Technical Analysis – Next Challenge for Buyers is $1970.10 – $1998.20 Retracement Zone

Gold Price Futures (GC) Technical Analysis – Next Challenge for Buyers is $1970.10 – $1998.20 Retracement Zone

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 […]

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.

Posting Guidelines
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!


No comments yet