Bears keep the negative trend intact, target $1,848-50

October 30, 2020 - 1 month ago
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The precious yellow metal is heading for its third monthly drop, as the market waits for next week’s presidential election.

Uncertainty remains high before the pivotal Nov. 3 vote, lifting the dollar’s appeal as a haven asset over bullion.

More importantly, is that the bears have increased their interest in the challenge of $1,848-50 after posting an intraday low of $1,859 on Thursday.

Democratic challenger Joe Biden holds a comfortable lead over President Donald Trump in national polls, but the race in battleground states that will likely decide the election are tighter than the national surveys.

Meanwhile, the number of first-time unemployment-benefits filers declined for a second straight week and hit its lowest level since March.

Initial weekly U.S. jobless claims came in at 751,000 for the week ending Oct. 24, better than the forecast estimate of 778,000.

From a technical perspective, the recent break of $1,883-84 should now draw further bearish traction, which, in terms, views an extension to $1,848-50. Reassess from there, as little support is viewed until $1,836-38.

The resistance is located from $1,890-98.

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