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Gold Catches A Bid On Stimulus Talks

Posted On 20 Oct 2020
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The precious metal is attempting to pare losses as the US Congress is set to debate on the stimulus bill.

This has weakened the US dollar and the talks of fresh stimulus are pushing gold a bit higher. But gold is struggling near the 1911.50 level.

After an intraday spike above this level, gold reversed gains.

For the moment, the ascending triangle pattern continues to remain in play.

Watch for a successful breakout above this level which could see further gains in gold. Alternatively, if gold loses support from the rising trend line, we could see the downside risks emerge.

About the Author
“John Benjamin Resident Analyst at Orbex. John has over 8 years of experience specializing in the currency markets, tracking the macroeconomic and geopolitical developments shaping the financial markets. John applies a mix of fundamental and technical analysis and has a special interest in inter-market analysis and global politics.” [space height="10"] At Orbex, we are dedicated to serving our clients responsibly with the latest innovations in forex tools and resources to assist you in trading. Please Director at Visit our site for more details.

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