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Gold price in volatility as the US presidential election draws near

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Chhea Chhayheng, business manager at Golden FX Link Capital.

Gold price in volatility as the US presidential election draws near

The outcome of the first Presidential debate on Tuesday night between the incumbent Donald Trump and his rival Joe Biden from the Democratic Party has given a clearer signal of who will win the US Presidential election on November 3.

Among others, issues regarding revitalising the economy and the Covid-19 outbreak dominated the heated debate. The US has recorded the highest number of confirmed cases and the nation has suffered severely from the pandemic, which has impacted price movements in the financial markets.

As of September 30, the US had 7,044,327 confirmed cases and 203,620 deaths, according to the World Health Organization.

Last week, US stocks declined sharply after Federal Reserve chairman Jerome Powell publicly criticised Congress for not providing enough fiscal stimulus to support a US economic recovery.

US stocks, however, were locked in bullish momentum towards the end of the week, with high volatility on the cards again this week.

While stocks have been up and down in line with US economic news and data, the dollar index resumes its strength and climbs to its highest level since July.

Similar to stocks, the price of gold has dropped from a highest point of $2,075 per ounce to a current price sitting at approximately $1,860 per ounce.

Technically, the gold chart also suggests the beginning of a downtrend, which means traders should sell gold and set the stop loss function in a very open position to mitigate risk as the market is still highly volatile.

Should you be interested in starting to trade gold and other derivative products such as crude oil and major foreign currencies, or improving your trading skills to be a professional trader, please do not hesitate to reach Golden FX Link Capital at 023 22 6666 or via www.goldenfxlink.com.

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