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Gold nears the downtrend from the record high, breaks $1900

October 9, 2020 by admin 0 Comments

Technical Analysis

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Gold can’t be pinned down

There are two lines of thinking on the easy-money trade (low rates & high government spending):

Bet on it now because Democrats are way ahead in the polls
Wait and see what the election brings

I lean to option #2 but maybe I’m being overly cautious. In the past two days, the market has piled into option #1.

We’re seeing it again today with gold climbing alongside the commodity currencies, along with a small slump in the US dollar overall. The yen crosses are particularly compelling from a technical perspective but gold is also notable, because it’s rangebound but nearing some technical resistance.

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This article was originally published by Forexlive.com. Read the original article here.