With Continuous Rally Gold May Break $1,920 Level

WikiFX News (11 Oct.) - Biden maintains a lead in the latest general election polls, with a high-level risk appetite in market, resulting in a weakening US dollar and an increasing gold price. And there has a higher possibility that gold may break through the level of $1,920 because of the constant rebound in price.

Biden‘s lead against Trump in the latest election polls is becoming more apparent, reducing the risk of the unclear election results. So the risk appetite in market is triggered again. The increasingly high risk appetite puts more pressure on US dollar’s rebound but bolsters up gold prices.

Technically speaking, the US dollar encounters bad trends in the future. US dollar index hovers around the 20-day moving average at 93.65 and may weaken in the near term. So gold prices keep rising with the support by US dollar. In addition, the real yields drops to -0.94%, which may not hinder the increasing gold prices.

Till now, gold have recovered completely from the falling a few days ago. If gold can break through the level of $1,920, it would go up to $1,940.

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Chart: Gold Trend