Rising coronavirus cases and election uncertainty have hit gold.
All eyes are on the elections, but central bank decisions are also of interest.
Early November’s daily chart is showing bears have gained some ground.
Meltdown – the formal end of fiscal stimulus talks was only the beginning of a down week for gold, which also struggled with the covid-related gloom. The fate of the precious metal hinges on the elections, yet surprise stimulus from central banks could also move XAU/USD. This week in XAU/USD: Gloom hits gold The yellow metal had been rocking on the scope for more greenbacks from Uncle Sam – fiscal stimulus talks seemed to be making progress, but after Congress adjourned, the final nail hit the coffin of talks. The breakdown in talks weighed on the precious metal .Democrats and Republicans were hovering around a $2 trillion deal that could have helped […]
October 31, 2020 (updated October 31, 2020) Published by StockMan