Gold Price Futures (GC) Technical Analysis – Rally Likely to Extend into $1970.10 to $1998.20

Gold Price Futures (GC) Technical Analysis – Rally Likely to Extend into $1970.10 to $1998.20

Gold futures hit their highest level since September 21 on Thursday as traders upped their bets that a Joe Biden victory in the very close U.S. presidential election would lead to larger fiscal stimulus packages. At least that’s what analysts told Reuters.

I tend to think gold futures traded higher because the U.S. Dollar crumbled against a basket of major currencies as investors lifted safe-haven hedges in the greenback. Before the election on Tuesday, investors were buying the U.S. Dollar and selling gold as a precaution against a contested election. Now that it looks like Joe Biden is the clear winner, President Trump will have a hard time tying up the results in court so there would be no need to hold onto the dollar as a hedge.

At 21:36 GMT, December Comex gold futures are trading $1949.50, up $53.30 or +2.81%.

The problem with thinking gold is going higher because of […]

About the author: StockMan

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