Gold Price Analysis: XAU/USD recaptures $1,900 as risks bounce back in green

Gold prices mark another U-turn from above the $1,880 level.
Trump wins in Utah, Biden welcomed in Arizona.
NBC predicts Democrats to keep reins of the US House.

Anil Panchal FXStreet

Gold trims recent losses while portraying one more pullback from the sub-$1,900 area, currently around $1,897, down 0.46% intraday, during the early Wednesday. The yellow metal wobbles as risks react to the US presidential election updates.

The latest news suggests that President Donald Trump wins in Utah whereas his Democratic rival Joe Biden takes Arizona to soften the path to the White House. Elsewhere, the NBC forecasts a smooth journey for the blue wave, favoring Democrats’ major victory.

Given the market’s favor for the Democratic Party’s easy-money image, risks cheer whenever there is any positive news for Biden & Company.

That said, S&P 500 Futures regain over 1.5% whereas the US 10-year Treasury yields mark five basis points of intraday losses during the latest upswing.

Looking forward, global markets will be more interested in the election updates than anything else.

Hence, stay tuned here: Four more years for Trump or a victory for Biden? – Live coverage

Technical levels

XAU/USD

Overview
Today last price	1899.78
Today Daily Change	-6.46
Today Daily Change %	-0.34%
Today daily open	1906.24

Trends
Daily SMA20	1900.62
Daily SMA50	1914.55
Daily SMA100	1893.12
Daily SMA200	1773.3

Levels
Previous Daily High	1910.64
Previous Daily Low	1887.12
Previous Weekly High	1911.46
Previous Weekly Low	1860
Previous Monthly High	1933.3
Previous Monthly Low	1860
Daily Fibonacci 38.2%	1901.66
Daily Fibonacci 61.8%	1896.1
Daily Pivot Point S1	1892.03
Daily Pivot Point S2	1877.81
Daily Pivot Point S3	1868.51
Daily Pivot Point R1	1915.55
Daily Pivot Point R2	1924.85
Daily Pivot Point R3	1939.07

Author

Anil Panchal

FXStreet

Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.

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