The yellow metal gold soared 1% to its highest in a week as traders confidence that a U.S. coronavirus aid package will be announced before the Nov. 3 presidential elections urged the dollar and supported bullion’s appeal as an inflation hedge.
On the contrary, the broad-based U.S. dollar strength has become the factor that helps the currency pair limit its deeper losses. Moreover, the bullish tone around the U.S. dollar was sponsored by Thursday’s released upbeat U.S. jobless data, which showed a larger than expected drop in the initial jobless claims.
Daily Technical Levels
Pivot point: 1909.87
Gold is fell dramatically on the bearish side, dropping from the 1,930 mark to the 1,912 level. It’s a support mark that’s prolonged by a previously disrupted symmetric triangle pattern. On the lower side, the 1,912 support level violation may trigger more selling until the 1,897 level today.
Entry Price – Buy 1909.86
Stop Loss – 1903.86
Take Profit – 1915.86
Risk to Reward – 1:1
Profit & Loss Per Standard Lot = -$600/ +$600
Profit & Loss Per Micro Lot = -$60/ +$60
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