Gold Price News and Forecast: XAU/USD (mostly) hinges on Trump´s electoral chances

FXStreet Team FXStreet

Gold Price Analysis: XAU/USD pressured to break below $1,900

XAU/USD is open to start the week lower by some 0.10% despite a slide in the greenback on Friday by 0.20%. The market is range bound and trendless with election and stimulus uncertainty whipsawing prices from day-to-day.

A second wave of the coronavirus gathering pace is also problematic for investor sentiment, although the recent news of an FDA approval for remdesivir gave a hint of positive news as do the prospects of the Johnson Johnson trials getting back on track.

XAU/USD

Overview
Today last price	1899.08
Today Daily Change	-1.82
Today Daily Change %	-0.10
Today daily open	1900.9

Trends
Daily SMA20	1901.83
Daily SMA50	1923.08
Daily SMA100	1881.38
Daily SMA200	1761.89

Levels
Previous Daily High	1914.3
Previous Daily Low	1894.48
Previous Weekly High	1931.54
Previous Weekly Low	1894.48
Previous Monthly High	1992.42
Previous Monthly Low	1848.82
Daily Fibonacci 38.2%	1902.05
Daily Fibonacci 61.8%	1906.73
Daily Pivot Point S1	1892.15
Daily Pivot Point S2	1883.41
Daily Pivot Point S3	1872.33
Daily Pivot Point R1	1911.97
Daily Pivot Point R2	1923.05
Daily Pivot Point R3	1931.79

Gold Weekly Forecast: XAU/USD (mostly) hinges on Trump´s electoral chances

"Putting pen to paper" – such commentary from Washington about a fiscal stimulus deal has been pushing gold prices higher, while pessimism about a deal held it back. With time running out toward Election Day, the next bout of cash to fuel gold prices mostly depends on the outcome.

When President Donald Trump completed his U-turn – from cutting off talks with Democrats to stating he wants a larger deal than them, gold advanced. The same happened when House Speaker Nancy Pelosi expressed optimism about striking an accord.

EUR/USD keeps the offered stance just above 1.1700

EUR/USD is coming under heavy selling pressure in what has been a rather grim start to the new trading week, with the pair now trading close to the 1.1700 support area as the US Dollar stages a solid rebound. The prevailing flight to safety mood continues to favour the Greenback, as investors react to the escalating conflict in the Middle East and trim risk exposure across the board.

GBP/USD hits new yearly lows near 1.3300

GBP/USD adds to the recent bearish tone, approaching to the key 1.3300 support to reach fresh YTD troughs against the backdrop of the robust performance of the US Dollar. Indeed, Cable’s decline comes amid the firm demand for the safe-haven space in the wake of the US and Israel attacks to Iran.

Gold trims losses, back below $5,400

Gold now surrenders part of the earlier advance past the $5,400 mark per troy ounce at the beginning of the week. Indeed, the precious metal’s strong uptick remains fuelled by increasing geopolitical tensions in the Middle East amid the intense demand for safer assets.