Gold is continuing its slow recovery. In a scenario which has turned again to risk-on, investors have still bought gold, bringing the price close to $1,900. All eyes are focused on the US election, trying to anticipate the next market movements in all sectors.
From a technical point of view, literally, nothing has changed. We have seen in the last couple of days a rebound from the low of $1,860, but we are still in the major lateral trading range between $1,850 and $2,070. Looking closer, the price is now on a slow dance in the lower part, between $1,860 and $1,930, which is the first real resistance level for bullion. The presidential election will spark increased volatility and traders need to be ready for sharp and fast price moves when the new US president is announced.
