Gold soars as any scenario seems bullish.


The bullion plunged 2% during the Asian session, only to fully recover, and it was trading in positive territory ahead of the US session, last seen near 1,910 USD.

It appears that no matter who the next President is, the outcome for gold will be bullish. There will be another fiscal stimulus - either 2 or 3 or 4 trillion (really doesn't matter), and the Fed continues to print money at a record pace. 

Gold is now testing the immediate resistance of previous highs, which is near 1,910 - 1,912 USD. If this resistance is taken out, gold could climb toward October' highs near 1,930 USD.

Alternatively, if gold goes down, for whatever reason, the stronger support is seen near 1,888 USD, and if not held, the bullion could decline to last week's lows near 1,870 USD. 

Volatility is elevated; however, sentiment seems positive for both stocks and gold as the USD getting hammered. Thus, the short-term outlook appears bullish for gold. 
Cookie Policy: The Axiory website uses cookies and by continuing using the website you consent to this. Risk Warning: Trading leveraged products such as Forex and CFDs may not be suitable for all investors as they carry a high degree of risk to your capital. Please read the full Privacy Policy.