Where Did You Gold? - Gold Price is Bullish at the Peak of the Election
Kuala Lumpur 10:00 a.m. (GMT+8) - The gold price rose the early Asian market, and the U.S. election continued to affect the trend.
The vote counts of current President Trump and Democratic candidate Biden in Pennsylvania have attracted much attention. Besides, the Bank of England (BOE) and Federal Reserve FOMC meetings have also become gold price catalysts.
Illustration photo of Gold H1 Chart from Investing.com
The price of gold is trading at approximately $1907 per ounce.
After setting a two-week high yesterday, due to a new blue wave in the U.S. general election trend, the gold price closed after some normalisation.
But the latest rise in gold and silver may be attributable by the news that Biden announced his victory in Michigan.
FX Street pointed out that the downward trend line of the price of gold since September 1 is about $1912 per ounce, which has become the current key resistance.
In addition, for short positions in gold, the risk is still great if it does not fall below the previous month's low of $1,860.
Last but not least, the intraday trading range should fall between $1,912 and $1,860 per ounce. If it breaks through $1,912 per ounce, the bulls may strengthen their momentum.
For more information refer to the original article, translated from:https://www.24k99.com/2011/436...
Edited 05 Nov 2020, 10:44
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