FXEMPIRE
All
Ad
Corona Virus
Stay Safe, FollowGuidance
World
59,470,595Confirmed
1,401,384Deaths
41,113,400Recovered
Fetching Location Data…
Advertisement
Advertisement
Christopher Lewis
Gold

Gold markets have done very little during the trading session again on Tuesday, as we continue to see very little momentum overall. The $1900 level continues to be a bit of a magnet for price, just as the 50 day EMA is. With this being the case, the market looks like it has nowhere to be between now and the election, and quite frankly there is not much of a point to trading this market, because not only do we have the election, but we also have the fact that stimulus is not coming anytime soon. The markets have been waiting for stimulus, and in this scenario where the election is one week away, it is basically impossible for it to happen.

Gold Price Predictions Video 28.10.20

Congress has already left Washington DC, although they can be called back. However, it would take something rather extraordinary to come to some type of conclusion before we know not only if there will be stimulus, but how big it will be. If it is huge, that obviously helps gold but at this point in time it looks very unlikely that we will have stimulus between now and the new year. There is the possibility of some type of “stopgap measure”, but that seems to be very unlikely.

Because of this, I think that we may have a bit of a pullback in the gold market in the short term, but I do think that it is only a matter of time before the buyers come back to pick up value. After all, the central banks around the world will flood the markets with liquidity and that of course will drive up the need for “hard assets” over the longer term.

For a look at all of today’s economic events, check out our economic calendar.

Advertisement
Don't miss a thing!
Discover what's moving the markets. Sign up for a daily update delivered to your inbox

Trade With A Regulated Broker

  • Your capital is at risk
IMPORTANT DISCLAIMERS
The content provided on the website includes general news and publications, our personal analysis and opinions, and contents provided by third parties, which are intended for educational and research purposes only. It does not constitute, and should not be read as, any recommendation or advice to take any action whatsoever, including to make any investment or buy any product. When making any financial decision, you should perform your own due diligence checks, apply your own discretion and consult your competent advisors. The content of the website is not personally directed to you, and we does not take into account your financial situation or needs.The information contained in this website is not necessarily provided in real-time nor is it necessarily accurate. Prices provided herein may be provided by market makers and not by exchanges.Any trading or other financial decision you make shall be at your full responsibility, and you must not rely on any information provided through the website. FX Empire does not provide any warranty regarding any of the information contained in the website, and shall bear no responsibility for any trading losses you might incur as a result of using any information contained in the website.The website may include advertisements and other promotional contents, and FX Empire may receive compensation from third parties in connection with the content. FX Empire does not endorse any third party or recommends using any third party's services, and does not assume responsibility for your use of any such third party's website or services.FX Empire and its employees, officers, subsidiaries and associates, are not liable nor shall they be held liable for any loss or damage resulting from your use of the website or reliance on the information provided on this website.
RISK DISCLAIMER
This website includes information about cryptocurrencies, contracts for difference (CFDs) and other financial instruments, and about brokers, exchanges and other entities trading in such instruments. Both cryptocurrencies and CFDs are complex instruments and come with a high risk of losing money. You should carefully consider whether you understand how these instruments work and whether you can afford to take the high risk of losing your money.FX Empire encourages you to perform your own research before making any investment decision, and to avoid investing in any financial instrument which you do not fully understand how it works and what are the risks involved.
FOLLOW US