Gold is contracting between 50 and 100 day moving averages as election day closing in.
1920 is a strong resistance level which is limiting the upside movement for some time. But in upcoming days there can be a contested election, stimulus packages from ECB, and US Senate. Rapidly increasing Covid-19 cases shows governments losing control of the situation. All of the upcoming news supports gold. Question is, will XAUSD can break above 1920.
For downside, breaking below 100 day moving average is critical. Below that level, a move to 144 day MA is a possibility.
As for technical signals, the weekly MACD-MACD Signal difference is in the critical zone. In the 2011-2017 period, whenever this indicator falls near -20.7 there was a small correction or a new uptrend begun. After 2017, the key level becomes -10.7. Now the signal is at -14.83 which shows that odds of an upside move are increasing.
