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The yellow metal has now traded on a bullish momentum for the third consecutive session on Wednesday. The current bearish bias surrounding the US dollar (DXY) was seen as the major factor bolstering the dollar-denominated commodity.
Meanwhile, President Donald Trump has stoked hopes for the possibility of additional stimulus and has assured that he is willing to approve a large stimulus bill, despite that being the opposing stance of the Republican party. The House of Representative Speaker Nancy Pelosi has said that the bill would be accepted by Congress.
The renewed possibility of a US fiscal stimulus before the November election ignited a sell-off in US bonds, pushing the yield on the 10-year bond to 4-month record levels. The absence of demand for bonds, consequently, extended serious pressure on the greenback.
Finally, investors remain worried about the effects of a second wave of Coronavirus infection on the global economic recovery. These worries will continue to bolster the non-yielding commodity in the near-term.
Gold (XAU) Value Forecast — October 21
XAU/USD Major Bias: Bullish
Supply Levels: $1923, $1933, and $1940
Demand Levels: $1900, $1889, and $1876
Gold retains its bullish stance into the trading of Wednesday and will likely take on higher resistance levels. At press time, the commodity is trading at $1918, after seeing a mild rejection from the $1923 key resistance. We could see another retest and a possible break of this level in the coming hours.
Meanwhile, XAU/USD is still trading well within our ascending channel and has a new base at $1910. That said, any declines from this level will be strongly supported by this line, where many dip-buyers are likely to come onboard.
Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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