Gold is pressured from the start of the week to fight $1900 in the USD’s resurgent demand. On Monday, the greenback returns as the second Covid-19 spread speeds up in the Old Continent; as the USA experiences a record-breaking increase in cases during one day. In the meantime, the continuing battle over the USA fiscal stimulus agreement, with lessening hopes of an agreement to conclude before the elections next week, continues to do good things for the USD.
The road to security also increased the US Treasuries and knocked the returns off. If sale pressures increase with the returns from the Treasury, it may assist in stabilizing non-profiting gold. Take a look at the gold on the key trading levels graphs in the last week before the USA elections.
Gold: Core resistors and supports
The Technical Confluence Indicator has shown that the minimum resistance path for metal shows to the downside with min support levels before the critical point at $1883, a 1-day S2, and 23.6 percent 1-month key meeting point.
Bears may face challenges with $1886 as the rate approaches the amount being the pivotal point of S1 for the week.
The bulls probably will have difficulty recovering from over $1900 as a dense resistance is found at $1902.30. The intersection of the previous record 4-hours, Fibonacci 38.2 percent 1-months, and 1-day.
Moving on up, the coming together of the SMA50 4-hours and Fibonacci 61.8% 1-day at $1907 will provide the following resistance.
Acceptance over the rate of $1910 is essential to revitalize the bullish rush in the short term. At this moment, the Fibonacci 61.8 percent 1-week lies.