Gold futures are posting a choppy, two-sided trade on Monday. The market opened sharply lower but then turned slightly higher for the session as traders reassessed the probability of a stimulus deal getting agreed upon by the November 3 presidential election. Given the strength in the U.S. Dollar Index, it appears that there won’t be a fiscal stimulus deal before voters go to the polls. However, new worries over the economic impact of the pandemic are providing some support.
At 15:18 GMT, December Comex gold futures are trading $1906.00, up $0.80 or +0.04%.
Traders are also monitoring the polls ahead of the election. Although Democratic candidate Joe Biden is predicted to win, the numbers may be contested by President Trump. However, if Biden wins then investors expect to see even more stimulus measures in 2021. This should be bullish for gold.
Daily December Comex Gold Daily Swing Chart Technical Analysis The main […]
October 27, 2020 (updated October 27, 2020) Published by StockMan