Gold Price Analysis: XAU/USD bears just can't catch a break
The price of the yellow metal has so far been held up sideways in a $1,897.91-$1,911.35 range on Tuesday, currently bid up some 0.32%. The price had been slowly chipping away to the downside below resistance and within a bearish environment on the weekly chart.
However, the price is caught up in fundamentals which are making for s gruelling swing trade for the bears, positioned for a downside continuation. Gold could be in what is now a wait-and-see mode ahead of US elections on the 3rd of November. Markets are evaluating the potential for a fiscal stimulus deal to be struck in the lame-duck session which hinges on the election results.
Gold is likely to win this election
Trump and Biden debated for the second and last time in this campaign. So, who will win, and why gold is likely to be the biggest winner of them all?
President Donald Trump and Democratic challenger Joe Biden met for the second and the last debate before the elections. Thankfully, this time things were less chaotic and with far fewer interruptions and insults. Perhaps Trump has acknowledged that his aggressive behavior was a liability and decided to change his approach – especially since this was his final opportunity to alter the presidential campaign dynamics.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.