Price of Gold Fundamental Daily Forecast – Early Strength Suggests Bets are on Biden

Price of Gold Fundamental Daily Forecast – Early Strength Suggests Bets are on Biden

Gold futures are trading higher on Monday as investors react to a weaker U.S. Dollar and a rise in demand for higher risk assets. We’re not going to try to read into the move, but we suspect it’s tied to position-squaring ahead of Tuesday U.S. presidential elections since there were no major events over the weekend.

At 12:30 GMT, December Comex gold is trading $1892.10, up $12.20 or +0.65%. Downturn in US Dollar Driving Price Action

Earlier in the session, dollar-denominated gold was pressured by firmer demand for the safe-haven U.S. Dollar and Japanese Yen as tensions grew before Tuesday’s presidential election.

The reversal in the price action came as no surprise as expected swings in the major currencies climbed to their highest since April as investors waited for the outcome of an election that will have serious implications for the dollar’s outlook over the coming months.“Volatility is rising because liquidity […]

About the author: StockMan

Please remember:

The information provided here is for general knowledge and educational purposes only.
It is not intended to be a substitute for professional financial advice.
Every individual's financial situation is unique, and what works for one person may not work for another.
Before making any investment or financial decisions, you should always consult with a qualified financial advisor who understands your specific circumstances and goals.

Any information posted on the website has been prepared without taking into account your objectives, financial situation or needs and as such, should never be acted upon. Please be aware that any information posted on this site should not be considered to be financial advice and i am not a financial advisor.

Posting Guidelines
  • Do contribute something to the discussion
  • Do post factual information, analysis and your view on company valuations
  • Do disclose if you have an interest in a security
  • Do take our Terms of Use seriously
Do Not
  • Do not make low-content posts, unsubstantiated ramps or untruthful/misleading statements
  • Do not complain about a post unless you have reported it first, and not on the forum.
  • Do not post financial advice
  • Do not advertise or post sponsored content

Get involved!

Get Connected!

Come and join our community. Expand your network and get to know new people!


No comments yet