Articles

Band Protocol flashes strong buy signal following a massive 78% downturn

Band Protocol flashes strong buy signal following a massive 78% downturn

83950   October 31, 2020 05:09   FXStreet   Market News  

  • BAND price is down 78% since its all-time high at $18.22 on August 10.
  • The digital asset seems to have established a healthy support level at $4, and it’s ready for a rebound.

Band Protocol price had a colossal run from a low of $0.196 on March 9 to its all-time high at $18.22, a 9,500% increase in just six months. Of course, the pullback was extreme but expected considering the magnitude of the rally. The digital asset is now looking for a rebound after defending the psychological level at $4.

BAND eying up $10 if this critical support level holds

On the weekly chart, BAND’s price stopped right at $4.04 and seems to be bouncing slightly, trading at $4.43 currently. The TD sequential indicator has presented a buy signal, which appears to confirm that $4 is a robust support level. 

band price

BAND/USD weekly chart

Validation and follow-through of this buy signal can drive the price of BAND up to $7 in the short-term and potentially towards $10. The In/Out of the Money Around Price chart shows the strongest resistance area to be contained between $4.98 and $5.12 with 177,000 BAND in volume.

band price

BAND IOMAP chart

On the other hand, the IOMAP chart also shows very little support on the way down, which means that failure to hold the psychological support level can have a devastating effect on BAND’sND’s price.

band price

BAND active and new addresses chart

A breakdown below $4 could see Band Protocol drop to $3, $2, and as low as $1.1. Despite the price of BAND declining, the interest in the digital asset is not increasing. The chart of new and active addresses shows a decline in both. In the past seven days, the number of new addresses joining the network dropped by 25%. Similarly, there are 15% less active addresses over the past week, showing that the interest in the digital asset is low and there is no buying pressure. 

Full Article

GBP/USD trims weekly losses and consolidates around 1.2950
GBP/USD trims weekly losses and consolidates around 1.2950

GBP/USD trims weekly losses and consolidates around 1.2950

83949   October 31, 2020 04:45   FXStreet   Market News  

  • GBP/USD bounces up from 1.2880 and consolidates around 1.2950.
  • The pound weakened against a stronger dollar amid COVID-19 fears.
  • BoE, Brexit and US elections will be the main drivers next week.

The pound sterling has returned above 1.2900 on Friday after bouncing from 10-day lows at 1.2880, to consolidate around 1.2950. The pair has settled halfway through the last weeks’ trading range, ahead of an eventful week.

BoE, coronavirus and US elections in focus next week

Cable lost ground this week, weighed by the dismal risk appetite with the second COVID-19 wave spreading through Europe and the market bracing for a contested US election next week. In this backdrop, investors have remained away from risk, which has reflected on a strong USD recovery.

With Germany and France having introduced lockdowns and regional confinements in Spain, the pressure on the UK government is mounting to implement stricter restrictions. A second lockdown is not been priced and might trigger a strong selling pressure on the GBP.

The event of the week, however, will be Bank of England’s monetary policy meeting, due next Thursday. Some analysts have anticipated an increase of the quantitative easing programme, which would have a negative impact on the pound, although the biggest shock would be the introduction of negative interest rates. This possibility, albeit unlikely, might send the pound tumbling.

Beyond that, the outcome of the US elections will undoubtedly trigger relevant price movements. The most probable outcome, Biden’s victory, is expected to have a negative pressure on the US dollar, anticipating the approval of a large stimulus package to support economic recovery. A contested election without a clear winner, however, might boost safe-haven demand and push the US dollar higher.

Technical levels to watch

Full Article

Colombia Interest rate in line with expectations (1.75%)
Colombia Interest rate in line with expectations (1.75%)

Colombia Interest rate in line with expectations (1.75%)

83948   October 31, 2020 04:12   FXStreet   Market News  

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Full Article

ETH grand rally to $500 is imminent as long as this critical support level holds

ETH grand rally to $500 is imminent as long as this critical support level holds

83946   October 31, 2020 04:12   FXStreet   Market News  

  • Ethereum price is $383 right above a critical support level.
  • If the support level at $370 holds, ETH will target $500 as the next stop.

Ethereum was bounded inside an ascending triangle on the daily chart. On October 22, the digital asset had a significant breakout towards a high of $421. Around four days later, ETH re-tested the previous resistance level as support and finally lost it on October 28.

The lower boundary of the ascending triangle is now used as a support level which coincides with the 50-SMA and the 100-SMA creating a robust support point at $370. Bulls desperately need to hold this level to avoid slipping further.

Ethereum targets $500 as the next stop

As mentioned above, the $370 support level is critical. Successfully holding this point can easily drive the price of ETH to the last high at $421 and as high as $500 as there isn’t a lot of resistance on the way up.

eth price

ETH/USD daily chart

The In/Out of the Money Around Price chart shows a similar picture with a strong resistance area between $394 and $405 where 918,000 addresses bought 11.6 million ETH. This range represents the break-even point of the investors and it’s considered resistance. However, above this point, there seems to be close to no opposition. 

eth price

ETH IOMAP chart

On the other hand, the same IOMAP chart shows very little support on the way down, which means that a breakdown of the $370 support level can easily drive the price of Ethereum towards $300 which coincides with the daily 200-SMA.

Full Article

ForexLive Americas FX news wrap: Dollar climbs on month-end flows

ForexLive Americas FX news wrap: Dollar climbs on month-end flows

83944   October 31, 2020 04:05   Forexlive Latest News   Market News  

Forex news for North American trade on October 30, 2020:

Markets:

  • Gold up $12 to $1879
  • US 10-year yields up 5 bps to 0.87%
  • S&P 500 down 63 points to 3246
  • GBP leads, NZD lags
  • WTI crude down 64-cents to $35.54

It was month-end and that added an extra wrinkle to an already-uncertain time. The result was a strong dollar bid into the London fix that was helped along by a risk-averse tone in stocks, particularly tech.

Early on in US trading it looked like sentiment might improve. AUD/USD and other commodity trades jumped and overnight equity futures losses were pared to nearly nothing shortly after the open. But sentiment turned mid-morning and it all came apart.

After the initial 30 pip jump to 0.7072, AUD/USD slowly fell to 0.7029. The kiwi followed the same path and both finished lower after making some solid gains in European trade, in part due to a very strong eurozone GDP number.

The euro mostly held steady but sank into the fix and stayed near the lows of the day for the remainder.

Sterling shrugged off reports of no progress on the major issues in Brexit talks, perhaps concluding that those tough negotiations will wait to the end; perhaps focusing on covid and the election.

The real disconnect in markets was in the Treasury market where bonds sold off hard, led by the long end. Maybe it’s month end related or it could reflect a difference of opinion on the election.

Forex news for North American trade on October 30, 2020:

Full Article

United States CFTC S&P 500 NC Net Positions increased to $115.4K from previous $57.8K
United States CFTC S&P 500 NC Net Positions increased to $115.4K from previous $57.8K

United States CFTC S&P 500 NC Net Positions increased to $115.4K from previous $57.8K

83943   October 31, 2020 03:56   FXStreet   Market News  

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Full Article

USD/JPY Weekly Forecast: Pandemic fears resurface but the US election will order markets
USD/JPY Weekly Forecast: Pandemic fears resurface but the US election will order markets

USD/JPY Weekly Forecast: Pandemic fears resurface but the US election will order markets

83942   October 31, 2020 03:56   FXStreet   Market News  

  • US dollar safety trade provides very limited support to the USD/JPY.
  • Technical buffering remains weak and distant, descending channel intact.
  • Pervasive risk-off markets return amid COVID-19 resurgence in Europe and the US.
  • FXStreet Forecast Poll for USD/JPY is neutral to the one-quarter view.

The Japanese yen safe-haven trade was the dominating medium for the USD/JPY this week. A return to partial closures in France and Germany and rising diagnoses of COVID-19 in the United States armed the US dollar in most currency pairs. But for the USD/JPY markets balanced the competing risk-off trades and the pair ended the week in almost the same place at it started.

The five-week low at 104.03 on Thursday was just a touch at the strongest remaining support line and the rebound into Friday reinforced its immediate relevance.

Japanese statistics showed that the economy has not recovered from the global slump of the second quarter and the Bank of Japan lowered its growth forecast and left the overnight call rate unchanged as expected.

In what is the most worrying development for an economy that has flirted with dis-inflation and deflation for two decades consumer prices in Tokyo were negative on the year in October.

The excellent US third quarter GDP at 33.1% (annualized) along with strong Durable Goods Orders, Personal Income and Personal Spending in September, improving jobless claims and higher Consumer Sentiment in October were not enough to counter the lure of the island safety of the Japanese yen.

It is a sign of the hold that the pandemic has on markets that neither the general dollar safety-trade or the far better US statistics were enough to raise the USD/JPY.

Japan and US statistics October 26-October 30

A busy week for the island nation’s reporting confirmed the weak recovery from the global pandemic has stretched to the end of the third quarter. Consumer spending decline more than forecast in several categories and deflation has resurfaced in prices in Tokyo.

The Coincident Index for August, which summarizes the economy in one statistic, was slightly weaker at 79.2 than the 79.4 forecast but up from July’s 78.3. Improvement from the May bottom at 73.4 is minimal compared to the 95.5 score in February. The Leading Economic Index for August at 88.4 was also a bit below its 88.8 estimate though higher than July’s 86.7. The recovery here from the April 77.7 low is closer to the February reading of 91.7.

Retail Trade (retail sales) fell8.7% on the year in September, worse than the -7.7% prediction and a sharp decline from August’s -1.9% result. It is the seventh decrease in row, a total of 45.9% from March. Large Retailers Sales, the total value of goods sold in large stores, chain convenience stores and supermarkets, fell 13.9% in September after August’s 3.2% drop. These sales have also declined for seven months totaling 73.6%.

The Bank of Japan left its base rate at -0.1% as was expected after its Thursday meeting.

Consumer Confidence in October rose slightly to 33.6 from 32.7 prior for the best reading since the pandemic low of 21.6 in April. In January the reading was 39.1.

Tokyo CPI fell 0.3% on the year in October, well below its flat forecast and September’s 0.2% tally. It was the lowest monthly price change since March 2017. The core CPI rate YoY dropped 0.2% in the month a bit better than the -0.3% prediction but lower than September’s flat pace. It was the largest decline since January 2017.

The Unemployment Rate was stable at 3% in September and has risen from a low of 2.2% in December 2019.

Industrial Production rose 4% in September, better than the 3.2% forecast and a sharp increase from 1% in August. On the year Industrial Production slipped 9%, missing the -7.2% estimate but not as weak as August’s -13.9%. Production has fallen for 12 straight months.

Construction Orders fell 10.6% from a year ago in September following the 28.5% jump in August. Housing Starts sank 9.9% in September worse than the 8.6% forecast and the 9.1% decrease in August.

In the US Durable Goods Orders for September at 1.9% on a 0.5% estimate and business spending at 1% over an identical 0.5% forecast combined with the 0.3% positive revision for August to 2.1% confirmed that consumer and business spending was the main support for third quarter GDP.

Initial Jobless Claims and Continuing Claims at 751,000 and 7.756 million in their latest weeks were both the best since March.

Third quarter annualized GDP was 33.1%, more than replacing the 31.4% decline in the previous three months and better than the 31% consensus forecast.

Personal Income at 0.9% in September almost doubled the 0.4% estimate and Personal Spending rose 1.4% on a 1% predictions. Core PCE prices were 1.5% higher on the year a bit under the 1.7% projection and the downward revision in August to 1.4% from 1.6% is a sign that rising consumption has not restored pricing power to retailers.

USD/JPY outlook

The attraction of the Japanese yen as an alternative to the US dollar safety-trade, the long-running descending channel and the scarce and weak supporting lines make the case for a lower USD/JPY.

Countering these is general market interest in the US dollar haven and the much better American economic data.

The risk-off trade is a transitory phenomenon, it ebbs and flows with the novelty of news. For the USD/JPY the dueling safety trades of the yen and the dollar effectively neutralize each other. In comparison the dollar rose in every other major currency pair this week except the USD/JPY.

Technically the support at 104.00 is strong but beneath this level the only near-term reference is from the March panic lows which were too brief for meaningful reference. Prior to that there was a brief drop to near 104.50 in March 2018. The USD/JPY has not spent any time below 104.00 since the second half of 2016 and levels from that long ago are indicative at best.

Japan and US statistics November 2-November 6

Manufacturing and services purchasing managers’ indexes and consumer spending are on tap this week.

On Monday the revision to the Jibun Bank Manufacturing October PMI is out. It is expected to rise 48.4 from 48. The index has been below the 50 contraction demarcation for 18 straight months. The revision to the Services Index will be released on Thursday.

Overall Household Spending is forecast to decline 10.7% in September after the 6.9% drop in August. Spending has decreased for 11 straight months though August.

Labor Cash Earning are predicted to drop 2.2% in September. They were down 1.3% in August the fifth negative month in a row.

None of this week’s numbers will have market impact. The Overall Household Spending data covers the same ground as the Retail Trade numbers.

In the US the main event is the Presidential election on Tuesday. Former Vice-President Joe Biden leads President Donald Trump in the polls but the vote in the decisive swing states of the upper Mid-West are is much closer.

Manufacturing PMI from the Institute for Supply Management for October is expected to rise to 55.6 from 55.4. The New Orders Index is forecast to drop into contraction at 45.9 from 60.2. The Employment Index is projected to fall to 40.9 from 49.6.

The Services PMI is forecast to be unchanged at 57.8 in October. Employment is expected to drop to 49.8 from 51.8, New Orders will fall to 49.4 from 61.5. The ADP Employment Change payroll is expected to add 526,000 workers in October after rising 749,000 in September.

Initial Jobless Claims are predicted to rise to 770,000 in the last week in October from 751,000. Continuing Claims are forecast to increase to 8.103 million from 7.756 million.

The Federal Reserve will leave its base rate unchanged after its Thursday meeting and no change is expected in its other economic support programs.

Nonfarm Payrolls for October will add 700,000 new jobs following September’s 661,000 addition. The unemployment rate should fall to 7.7% from 7.9%.

The US electorate is unusually volatile this year and the election and its aftermath will dominate news and markets. The reaction to the election may be the most important development. The polls have been tightening and the late run looks much like the 2016 vote. If Trump wins the potential for violent protest in many cities seems high.

For markets the question is will US civil unrest, if it happens, play to the dollar’s safety status as the COVID-19 cases have or will traders flee to the euro, yen and farther shores? The surpassing rarity of political violence in United States makes the prognosis an unknown of the highest order.

USD/JPY technical outlook

The seven-month old descending channel has spawned a tighter and slightly shallower channel that originates in early July. The width of the original was determined by the volatility around the March market panic and its ebbing residue through June. The safety-trade to the dollar tends to be a relatively brief and violent episode while the withdrawal of the premium is a drawn out affair.  The March panic climb to over 111.00 and the long retreat that followed is a good example. Trading has paused at 107.00, 106.50, 106.00  and 105.50 on the way down but not at 105.00. The weakness in USD/JPY has combined the overall dollar slide from its pandemic high and the occasional safe-haven trade, which either boosts the yen against the dollar or neuters the greenback’s advantage. 

The far more plentiful and closely spaced resistance lines add practical weight to the USD/JPY decline. 

The Relative Strength Index at 42.03 is higher on Thursday’s rebound but the tendency is lower. The 21-day moving average at 105.20 coincides with resistance as does the 100-day at 106.06 and the 200-day at 107.13. 

Resistance: 104.75; 105.20; 105.50; 106.00; 106.50; 107.00

Support: 104.00; 103.50; 103.00; 102.40

The lines at 103.50 and 102.40 stem from the second half of 2016. Their application to current trading is limited. 

USD/JPY Forecast Poll

Although the FXStreet Forecast Poll is bearish in the one-week, bullish in the one-month and bearish in the one-quarter, given the proximity of the forecasts they are all essentially neutral. The USD/JPY closed the week at 104.67 just points below its open at 104.77.  As we noted last week the descent has lost its downward energy and logic but until the pandemic safety-trade is exorcised and the market can return to economic comparisons, the drift lower will prevail. 

Full Article

CFTC commitments of traders: EUR positions remain the major position in currencies
CFTC commitments of traders: EUR positions remain the major position in currencies

CFTC commitments of traders: EUR positions remain the major position in currencies

83941   October 31, 2020 03:49   Forexlive Latest News   Market News  

Forex futures positioning for the week ending October 27, 2020

  • EUR long 156K vs 166K long last week. Longs trimmed by 10K
  • GBP short 7K vs 2K short last week. Shorts increased by 5K 
  • JPY long 18K vs 14K long last week. Longs increased by 4K
  • CHF long 15K vs 14K long last week. Longs increased by 1K
  • AUD long 9K vs 7K long last week. Longs increased by 2K
  • NZD long 7K vs 6K long last week. Longs increased by 1K
  • CAD short 18k vs 19K short last week. Shorts trimmed by 1K 
  • Prior report

Net positions remained relatively modest with the exception of the long in the EUR. Although still large at 156k, that position is down from a record long level of 212K from the 1st week of September. 

The EUR position turn positive in the middle of March. The price peaked on September 1 which corresponded with the largest long position as well. Send the position as 100 lower along with the price of the EUR.  So in reality, the net position has been congruent with the markets movements. 

Full Article

Japan CFTC JPY NC Net Positions: ¥17.9K  vs ¥14.2K
Japan CFTC JPY NC Net Positions: ¥17.9K vs ¥14.2K

Japan CFTC JPY NC Net Positions: ¥17.9K vs ¥14.2K

83940   October 31, 2020 03:49   FXStreet   Market News  

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Full Article

United States CFTC Oil NC Net Positions fell from previous 490.3K to 472.1K
United States CFTC Oil NC Net Positions fell from previous 490.3K to 472.1K

United States CFTC Oil NC Net Positions fell from previous 490.3K to 472.1K

83939   October 31, 2020 03:49   FXStreet   Market News  

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Full Article

United Kingdom CFTC GBP NC Net Positions fell from previous £-2K to £-6.7K
United Kingdom CFTC GBP NC Net Positions fell from previous £-2K to £-6.7K

United Kingdom CFTC GBP NC Net Positions fell from previous £-2K to £-6.7K

83938   October 31, 2020 03:49   FXStreet   Market News  

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.

Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.

Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

Full Article

Gold Price Analysis: XAU/USD trims losses and approaches $1,900
Gold Price Analysis: XAU/USD trims losses and approaches $1,900

Gold Price Analysis: XAU/USD trims losses and approaches $1,900

83937   October 31, 2020 03:45   FXStreet   Market News  

  • Gold trims weekly losses and returns to $1,885 area.
  • The precious metal bounces up amid moderate dollar weakness.
  • A clear Biden’s victory might open the doors for gold’s recovery.

Gold futures have bounced up from $1,860 lows, returning to $1,885 area, buoyed by a slightly brighter market mood on Friday which has eased safe-haven demand for the US dollar.

Gold depreciates in a cautious market

The yellow metal, however, remains negative on the week, on track for a 1,1% depreciation. Market concerns about the impact of a second COVID 19 wave and the uncertainty above the US elections have strengthened the US dollar, on the detriment of dollar-denominated commodities, like gold, which dropped to levels right above multi-month lows at $1,850.

A round of short-covering in the last trading day of the month could explain the moderate pullback of the US dollar, which has helped bullion to take some distance from recent lows. Beyond that, the decline on US treasury bond yields has contributed to easing demand on the USD offering further support to gold’s recovery.

A Democrat victory might clear the bullish path for XAU/USD

Next week’s US elections are expected to defining the near-term path for gold futures, says FXStreet’s Analyst Yohay Elam, who sees XAU/USD appreciating in case Biden obtains a clear victory: “Gold heavily depends on the election results – for the White House and very much the Senate. Opinion polls are pointing to a handy victory for Biden over Trump. However, Trump may not necessarily accept the outcome and that could cause chaos that would drag markets down and gold with it. Yet even assuming Biden wins, the path higher for gold would be clearer with a blue wave – flipping the Senate.”

Technical levels to watch

Full Article

Forward · Rewind