Gold rises on Trump's indecisive, softer dollar, and U.S. stimulus hopes (With Trading strategy)
Trump claims stimulus talks are back on, two days after he shut them down.

Gold prices edged higher on Friday, supported by a weaker dollar and optimism over a new U.S.coronavirus relief aid after President Donald Trump said talks with Congress have restarted.
By 11:30(GMT+8), the gold settled at $1911.75, rose 0.97%.
Trump claims stimulus talks are back on, two days after he shut them down president Donald Trump said Thursday that stimulus negotiators are "starting to have some very productive talks," days after his stunning decision to halt deliberations with top Democrats.
"I shut down talks two days ago because they weren't working out. Now they are starting to work out. We're starting to have some very productive talks," he said.
In an interview, Trump said there was a good chance a deal over COVID-19 relief could be reached, but gave no other details about a possible agreement.
Gold tends to benefit from widespread stimulus measures as it is widely viewed as a hedge against inflation and currency debasement.
Gold-backed exchange-traded funds added more than 1,000 tonnes of bullion worth $60 billion at current prices to their stockpile in the first nine months of 2020, driving a sizzling price rally, the World Gold Council said.
The world's central banks sold more gold in August than they bought, the WGC said, ending a year-and-a-half-long run of monthly gold accumulation and helping stall a rapid rise in gold prices.
Gold is advancing, but gains are limited so far.
As Fed officials and other central banks call for more fiscal stimulus, which is bullish for gold prices, Biden's probability of winning the election rises, which is bearish for the dollar. However, the continued global epidemic still provides safe-haven support for the U.S. dollar.
However, the COVID-19 continues to spread; it still provides safe-haven support for the U.S. dollar.
Trading Strategy (source: Trading Central)
Pivot: 1898.00
Our preference: long positions above 1898.00 with targets at 1921.00 & 1934.00 in extension.
Alternative scenario: below 1898.00 look for further downside with 1889.00 & 1881.00 as targets.
Comment: the RSI shows upside momentum.
Supports and resistances:
1944.00
1934.00
1921.00
1911.50 Last
1898.00
1889.00
1881.00
Guideline for Trading Central strategy
Trend chart reading guideline
1. First look at the time period in the upper left corner of the chart: ·30MIN and 1H chart shows the trading suggestions for intraday ·Daily chart shows the market trend analysis in next 2-3 days
2. The blue horizontal line on the chart marks the pivot: pivot indicates the reversal of the market. When the price is above the pivot, it indicates an upward trend, when the price is below the pivot , it indicates a downward trend. When the price breaks through the pivot, the trend is reversed.
3. The red and blue thin curves in the Candlestick chart chart are technical indicators: Red line is MA20+Bollinger bands, Blue line is MA50. under the Candlestick chart chart are also the technical indicators: Blue line is RSI, Red line is 9MA;
4. The green horizontal line is the resistance level for a price increase, and is also the profit target for long orders; the red horizontal line is the support level for a price decrease, and is also the profit target for short orders.
How to use TC strategy?
1.[Pivot] is the reversal line of the market trend. When the price up the pivot line which means in Bullish, you can open a long position or Buy. on the contrary, when the price under pivot line which means in bearish. You ‘d better make short positions or Sell.
2. [our preference] is the main trading suggestion for your reference. You can exit your trading refer to this target or close positions before it.
3. [Alternative scenario] is the plan B for your reference.
4. [Comment] is the technical analysis of market trends and technical support for trading strategies.
5. [Supports and resistance] Supports are levels where the price tend to find support as it falls.
Resistances are levels where the price tend to find resistance as it rises. So, exit before the trend reverse.
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