Gold Bullish as Traders Await US Fiscal Stimulus, Brexit Updates

Gold prices are trading somewhat steady under the key $1,900 level as traders await confirmation on the announcement of the coronavirus

Gold Bullish as Traders Await US Fiscal Stimulus, Brexit Updates

At the start of a brand new trading week, gold prices are trading strong just above the key $1,900 level as traders await confirmation of the coronavirus relief package before the presidential elections. At the time of writing, GOLD is trading at a little above $1,908.

On Sunday, House Speaker Nancy Pelosi expressed optimism that the next round of fiscal stimulus could be finalized ahead of the November 3 elections, even though differences were still being discussed with the Trump administration. The announcement of the fiscal stimulus will boost the safe haven appeal of gold and turn it bullish.

Gold traders are also cautiously awaiting developments on the Brexit front before making a move, with Britain and the EU set to continue their discussions later today. Last week’s talks failed to make progress with both sides blaming the other and telling each other to change course.

In the coming week, the demand for physical gold is likely to go up in India – the world’s second largest consumer, with the festive season approaching. Meanwhile, the demand for the precious metal remained subdued in China during the Golden Week.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

Related Articles

Comments

0 0 votes
Article Rating
Subscribe
Notify of
0 Comments
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

HFM

Doo Prime

XM

Best Forex Brokers