Gold Price Futures (GC) Technical Analysis – Strong Over $1917.90, Weak Under $1881.60; Rangebound in Between

Gold Price Futures (GC) Technical Analysis – Strong Over $1917.90, Weak Under $1881.60; Rangebound in Between

Gold futures are trading lower on Wednesday at dead center of the session’s wide range as traders continued to assess the impact of the current stalemate in the U.S. presidential election.

After an early session plunge in prices, gold spent most of the regular session clawing back those earlier losses on the hope that a Joe Biden victory would lead to massive amounts of new fiscal stimulus. But those dreams may have died after election results showed the Republicans would retain control of the Senate, which would make it difficult to pass a huge coronavirus stimulus package.

At 19:44 GMT, December Comex gold futures are trading $1897.90, down $12.50 or -0.65%.

Although Joe Biden is tipped to win the election, the Democrats appeared to be falling short in their attempts to take control of the U.S. Senate. Gold was underpinned by this news and weakness in the U.S. Dollar, which gave up […]

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