Gold Traders : Gold prices rebounded from a key support level of US$ 1,870 amid favorable market sentiment as traders counted down to the US election.
gold price chart
US PRESIDENTIAL ELECTION TO DICTATE GOLD PRICE ACTION
Gold Price Action : Gold’s inverse relationship with the US Dollar could see the precious metal continue to track lower in the near-term, given that the upcoming US presidential election on November 3 will more than likely stoke volatility up until the point that a winner is announced.
Gold Spot : Buy Above $1858, Target $1900 — $1920 (Buy 1000—500 Lots)
Gold Spot : Buy Above $1858, Target $1900 — $1920 (Buy 1000—500 Lots)
GOLD PRICE DAILY CHART – DESCENDING TRIANGLE IN PLAY?
Gold prices steadies on hopes of U.S. coronavirus relief deal
Gold prices were steady near the key $1,900 per ounce level in early Asian trade on Monday supported by expectations of a new U.S. stimulus package before Election Day.
For Nine years the $1,920 level loomed large for Gold prices, As this was the prior All-Time-High set in 2011
It’s now been a couple of months that the bullish trend in Gold has been on pause; and this comes after an aggressive topside trend had taken-over this summer. After digesting over a two-month pattern from mid-April into mid-June, bulls took over to build a rally that drove for much of the next two months.
Gold prices had coiled into a falling wedge pattern but a failed break has muddied the outlook (2020)
Gold prices looked primed for a topside break out last week as it coiled into a falling wedge formation. The pattern was marked by a descending trendline to the topside, derived from the August high, and a trendline on the lower end around the $1,850 mark.
Gold Spot Above $1870, Short Term Up Side Target $1907—$1918 – Neal Bhai
![Gold Price Intraday Technical Forecast By Neal Bhai [08-06-2022]](https://www.goldsilverreports.com/wp-content/uploads/2018/12/gold-silver-shop-neal-bhai-reports.jpg)
Gold Spot Above $1870, Short Term Up Side Target $1907—$1918 – Neal Bhai