Comex gold futures moved higher on Tuesday, boosted by a weaker U.S. Dollar and concerns over a second surge in coronavirus cases, although the volume and the trading range were so tight, it was hard to tell if we were witnessing actual buying or just short-covering.
At 20:46 GMT, December Comex gold is trading $1909.00, up $3.30 or +0.17%.
The narrow trading range was also caused by investors shifting their focus on next week’s U.S. presidential election. Democratic challenger Joe Biden leads President Donald Trump in national polls but the race is much tighter in battleground states that determine the election outcome.
The consensus among traders is that a win by Biden will mean massive stimulus on coronavirus relief and infrastructure spending. This should weaken the U.S. Dollar and drive gold prices higher. Longer-term, the market is expected to be well-supported by accommodative central banks.Daily December Comex Gold Daily Swing Chart Technical […]
October 28, 2020 (updated October 28, 2020) Published by StockMan