Gold is on the verge of a rally to 2,000, especially if the US election tension spills into next week.
Support at 1,950 is key to ensuring that buyers keep their eyes on the ultimate prize, 2,000.
Gold rallied significantly this week amid tension regarding the United States 2020 presidential election. The precious metal closed the week at 1,952, the highest level since September. Price action above 1,900 was attributed to the market’s anxiety as investors took positions to hedge against the expected volatility in the stock market. Most analysts believed that if Biden wins, the stock market was bound to crash.
At the moment, the election is leaning towards Biden, who proclaimed earlier on Saturday that the Democrats would ace this race. However, it is too soon to call the election in his favor, as several states are yet to release the final results. On the other […]
November 7, 2020 (updated November 7, 2020) Published by StockMan