Gold trading on Thursday resumed a smile on the lips of investors following the rise in the price of the yellow metal in the uncertainty of the 2020 US presidential election.
The price of gold affected by the change in the value of the US dollar has shown a drastic movement in prices since the beginning of the trading session on Wednesday starting on the XAU / USD chart, with voting results during the election closely monitored by the market.
At the beginning of yesterday's Asian session, the price of gold plunged around 350 pips from the high level of 1916.00 in the SBR (support become resistance) zone.
Prices have made gains and declines in the range before the uptrend is on display in the ongoing trading session today (Thursday) following the weak US dollar against the FOMC meeting early Friday morning.
In the European session, prices have risen in the SBR zone to test yesterday's price level with higher expectations expected up to the resistance zone of 1938.00.
If the price manages to break the resistance, the gold price will record the latest high of 7 weeks with the focus zone is around 1950.00
On the other hand, if the price falls again, the price is seen to move below the important level of 1900.00 before the next price support level is seen in 1875.00.
Control your trading risk while waiting for clearer price movements influenced by the 2020 US Presidential election sentiment.
