Precious Metal Prices : Gold prices rallied as much as 1% on Monday after President Trump signed a $2.3 trillion bill that contains $900 billion in pandemic relief aid and $1.4 trillion in government spending to fund federal agencies.
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Gold Price Forecast 2021 : Gold 1Q Outlook Bullish Headed, Target $1965
What started with a bang is now ending with a whimper. After a meteoric rise in gold prices through the first three quarters of 2020 (gaining +24.3% from January 1 through September 30), gold prices cooled off in 4Q’20, having lost around -1% at the time this forecast was written in December 2020.
Spot gold Prices Have Been on The Front Foot in Recent Trade
Spot gold prices have been on the front foot in recent trade, with a boost coming at 13:30GMT in the form of slightly softer than expected US Consumer Price Inflation numbers. Spot gold popped above the $1840 level and Wednesday Asia session highs at $1842, but has so far failed to break above $1850. As things stand, the precious metal trades with gains of close to $8 or 0.5% on the day.
Gold Extends Drop on Vaccine, Signs of Improving U.S. Economy
Gold fell to a four-month low as growing optimism over a coronavirus vaccine and signs of a increasing momentum in U.S. economic growth stifled demand for the metal as a haven.
GOLD TECHNICAL ANALYSIS : Gold Support Zone $1840—$1838, Below Target $1810 ——$1780 – Neal Bhai Reports
GOLD TECHNICAL ANALYSIS : Gold prices are under down trend now-familiar range support in the 1840-$1838 Level. Breaking below this barrier on a daily closing basis looks likely to open the door for target $1810/oz figure to challenge former resistance in the $1780 zone. Alternatively, an upswing past the $1910 inflection region probably targets the swing top @ $1958.
GOLD TECHNICAL ANALYSIS TODAY – 05 NOV 2020 – Neal Bhai
GOLD TECHNICAL ANALYSIS: From a technical standpoint, the gold outlook remains biased to the downside. Falling resistance from August is keeping prices under pressure.
Who is winning the US presidential election?
Republican Donald Trump faced Democratic challenger Joe Biden on Tuesday in the US presidential election. There are 538 Electoral College votes allotted to the 50 states and the District of Columbia. It takes 270 votes to win.
82% of the Retail Gold Traders are Net Long Gold – Neal Bhai Reports
Gold Traders : Gold prices rebounded from a key support level of US$ 1,870 amid favorable market sentiment as traders counted down to the US election.
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.
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.