Gold is waiting for a stimulus package and will rise to $1930? (With Trading strategy)
Gold prices gain on weaker dollar, U.S. stimulus hopes.

Gold prices rose on Wednesday, propped up by a softer dollar, and increasing hopes for a new U.S. coronavirus relief package ahead of the November elections.
At 11:30(GMT+8), the spot gold rose 0.7% to $1918.70 per ounce.
The White House and Democrats in the U.S. Congress moved closer to the agreement on a fresh coronavirus aid as President Donald Trump said he was willing to accept a large aid bill despite opposition from his own Republican Party.
72%. That’s the share of likely voters in a New York Times/Siena College poll released Tuesday who said they support a new $2 trillion stimulus bill, compared to just 21% who oppose such a package.
“I think no matter who gets elected, we will get the stimulus,” said Brian Reynolds, chief market strategist at Reynolds Strategy.
“The current headlines are short term in nature. Eventually, they would get together and produce more stimulus for the economy because all the sectors that are lagging need it badly,” he added.
Gold is considered a hedge against inflation and currency debasement amid the unprecedented levels of global stimulus to ease the economic blow from the pandemic.
“Gold markets are in a wait-and-see mode in regards to the stimulus plan. It would appear that Republicans and Democrats are still at odds over certain topics within the language,” said David Meger, director of metals trading at High Ridge Futures.
Gold prices gain on weaker dollar, U.S., there is still uncertainty about whether a stimulus plan can be launched before the election, the gold price upside may be limited in the near-term.
Investors might pay attention to news about Brexit and the U.S. election.
Trading Strategy (source: Trading Central)
Pivot: 1908.00
Our preference: long positions above 1908.00 with targets at 1925.00 & 1932.00 in extension.
Alternative scenario: below 1908.00 look for further downside with 1904.00 & 1899.00 as targets.
Comment: the RSI advocates for further advance.
Supports and resistances:
1939.00
1932.00
1925.00
1918.00 Last
1908.00
1904.00
1899.00
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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