Listen to the latest market mood for the XAUUSD.
Yesterday’s post flagged a great time and place to buy gold as the daily trend line broke out. The weak dollar on an expected Biden win was the catalyst for the move. The fundamental picture for gold remains strong. Interest rates around the world are projected to remain weak for the next few years and the Fed is on hold until 2023. See here for yesterday’s post.
As long as Biden is still ahead in the election race we should expect gold buyers on pullbacks. Biden is currently on 264 electoral votes and only needs 6 more which should come from his present lead in Nevada.
Therefore, as long as this mood remains, expect gold buyers today on pullbacks .
Trade Risks: The main risk to this trade is if President Trump wins the US election as this should strengthen the dollar and weaken gold in the near term.