Gold Price News and Forecast: XAU/USD is up more than 2% on Monday
|Gold price rockets ahead of Georgia senate election
Gold price soared to the highest level in two months as traders looked ahead to the upcoming run-off election in Georgia. This senatorial election will determine who will lead the senate in the first part of Joe Biden’s administration. If the Republicans win one of the two seats, it will mean that Senator Mitch McConnel will be the Senate majority leader. He will then be able to block most of Joe Biden’s agenda, including higher taxes, more regulations, and judicial appointments. On the other hand, if Democrats win, it will lead to the possibility of more stimulus, regulations, and higher taxes.
Gold Price Analysis: XAU/USD extends daily rally beyond $1,940
The XAU/USD pair opened sharply higher on the first day of 2021 and preserved its bullish momentum with the technical breakout attracting more buyers. As of writing, the pair was up 2.45% on a daily basis at $1,940.
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