Today we are taking our weekly look at the charts for gold and silver.
Republicans and Democrats continue to play the “will they, won’t they?” video game over another stimulus plan in a Covid19 damaged US economy. An arrangement on a package will ultimately be seen as favorable for the marketplaces but, with the US Election simply weeks away this may show to prolong negotiations or postpone decisions until the outcomes of the election are clear and accepted by all.
Will Gold Now Retest $1,930?
As you can see from the gold chart below, gold has actually rallied on positive stimulus news and drew back as negotiations stall.
After the previous “false break” above $1,910, gold when again closed above this level which opens up a retest of $1,930. Nevertheless, the short-term upward trend line is offering assistance but is also helping to form what the majority of chartists identify as a bearish pattern.