XAUUSD H8 | Important Movement

- Gold prices should remain supported over the near-term especially heading into the November elections, but gains could be limited by extreme stock market weakness if gold investors are forced to sell positions to cover losses.

- The price action suggests we’re not likely to see a huge short-term price spike until the U.S. Congress passes a stimulus package. However, there are no signs of that taking place over the short-run as Republicans and Democrats remain miles apart. If we can break down below the $1900 level, then it is likely that the market goes looking towards the $1800 level which I think is even more bullish. Above 1975 will confirm bullish bias to 2100.