Gold Price News and Forecast: XAU/USD holding resistance at 1904/08

Gold Price Analysis: XAU/USD has three ways go in response to the 2020 Presidential Elections

Gold could power up if the government prints more money – that is the simple logic that has been rocking the precious metal in recent months. XAU/USD soared to new highs as central banks enhanced their bond-buying programs and as authorities used the funds to shore up the economies amid the coronavirus crisis. 

The Federal Reserve, the European Central Bank, and even European governments did "whatever it takes." The US government also played its part early in the crisis with the CARES Act – but most programs have lapsed. Now, markets and gold bulls want more of what Uncle Sam can give. Read more...

Gold holding resistance at 1904/08

Gold holding resistance at 1904/08 risks a slide to 1899 then 1896/95. Further losses target 1890 before support at the 100 day moving average at 1882/80.

First resistance at 1904/08 a break above 1912 initially targets 1917/18. Above 1920 allows a recovery to 1925 & strong resistance at 1930/32. Silver holding strong resistance at 2440/50 initially targets 2420/10. A break lower targets 2405/00 then 2360/50. On further losses look for 2310/00. Read more...

Gold Price Analysis: XAU/USD eyes key $1919 level amid coronavirus resurgence – Confluence Detector

Gold is holding up above $1900, looking to extend gains into the third straight day on Wednesday, despite the recent broad US dollar strength. Risk-aversion remains in play amid likely imposition of tighter COVID-19 restrictions in Europe’s top economies, as the second-wave tightens its grip.

Also, benefiting the yieldless gold is the sell-off in the US Treasury yields across the curve amid faltering US economic recovery and election anxiety. Fading prospects of US fiscal stimulus also weighs on the investors’ sentiment. Read more...