Listen to the latest market mood for the XAUUSD.

The hopes of the passing of a large stimulus bill are continuing to support equity markets this morning. Optimism about a recovering President Trump is also helping the risk complex. The medium-term picture for gold remains very good as long as global interest rates remain low. The recent inflows into exchange-traded funds continue to drive gold higher.

With US rates set to remain low for years, central bankers going all out with QE, a dollar downtrend with room to run and the US election remaining a risk expect XAUUSD buyers at market and at pullbacks as long as this mood remains.

Trade Risks:

• If the risk tone turns negative and we see very strong USD buying this will invalidate this outlook.
• If we see interest rates rising that will invalidate this outlook.