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Gold Continues To See Choppy Movement

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Gold saw sideways movement amid mild weakness in US dollar and stalemate on US fiscal stimulus. DOW saw choppy moves after the tumble in last session. The coronavirus has strengthened its grip across much of the US with record numbers of cases. COMEX Gold saw some buying as $1900 per ounce mark stayed afloat. The metal currently quotes at $1908 per ounce, down 0.20% on the day.

Gold prices were subdued on Wednesday, as the dollar strengthened, after hopes of U.S. stimulus faded following President Donald Trump’s comment that a deal would likely come after the November election. Spot gold fell 0.1% to $1,905.51 per ounce. U.S. gold futures were down 0.2% at $1,908.70. The dollar index was up 0.2% against rivals, making bullion expensive for those holding other currencies. Trump on Tuesday said a coronavirus economic relief deal would likely come after the Nov. 3 election, with the White House unable to bridge differences with fellow Republicans in the U.S. Senate as well as congressional Democrats. Data showed new orders for key U.S.-made capital goods increased to six-year high in September, while the Conference Board said its consumer confidence index fell to a reading of 100.9 this month from 101.3 in September amid concerns about the future. French President Emmanuel Macron is expected to give a televised address on Wednesday evening, as authorities explore fresh restrictions to curb the spread of the coronavirus. Britain must spell out how far it wants to diverge from European Union rules if it wants access to the bloc’s financial market from January, a top European Commission official said on Tuesday. China’s net gold imports via Hong Kong surged to a six-month high in September, helped by a recovery in demand as economic activity picked up in the world’s top consumer of the metal. Holdings in SPDR Gold Trust , the world’s largest gold-backed exchange-traded fund, rose 0.23% to 1,266.72 tonnes on Tuesday.

TREND : WEAK BULLISH

Time                                      :           28/10/2020

Pivot                                     :      1905.01

Technical View                     :           LONG ABOVE 1908.97

Target                                   :      1912.93, 1918.87, 1926.39

Technical View                      :           SHORT BELOW 1902.04

Target                                   :           1899.07, 1891.65, 1885.61

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