Analysis Market overview

GOLD overview 30.10.2020

Gold rises on ‘second wave’ and elections concerns.

Gold under bullish pressure today – reversing some of the previous sharp losses.

The renewed interest in gold comes after the earlier sharp downward correction (permitting better entries from the support area near the powerful support level 1860.00) and also after reports of geometrically rising COVID-19 cases and the upcoming U.S. elections – all driving the safe-haven demand . Fresh coronavirus-led lockdowns in Europe and surging cases in the U.S. weighed on market sentiment – prompting some of the funds to replace the U.S. dollar (directly affected by the upcoming US elections) with gold in their longer-term portfolios – driving the price of gold up.

Expect buyers on downward corrections

Next resistance to watch – 1930.00

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