Traders eye stimulus talks for clues on Gold & Silvers next big move [Video]
With just three weeks to go until Election Day, uncertainty over another U.S fiscal stimulus deal remains the primary driver for precious metal prices.
Currently gold and silver are trending sideways – presenting traders with lucrative back-to-back opportunities to trade the range.
On the stimulus front, the saga continues with U.S Treasury Secretary Mnuchin saying the Republicans and Democrats are still far apart on a deal. However, the Republicans are not giving up with U.S President Trump pressing policymakers to get a deal done.
Gold Price Analysis: XAU/USD eases from $1,911/12 resistance confluence
Gold prices drop to $1,906.55, down 0.10% intraday, during early Friday. The bullion previously surged to Wednesday’s high but couldn’t clear a joint of the key EMA and Fibonacci retracement level.
However, normal RSI conditions and sustained trading above an ascending trend line from September 24 keeps the metal buyers hopeful.
As a result, the October 06 high near $1,921, followed by the 61.8% of Fibonacci retracement around $1,926 can pop-up on the gold bull’s radar after clearing the $1,911-12 immediate upside hurdle.
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