Gold eyes key $1922 upside level amid US election chaos

Gold (XAU/USD) is looking for a clear direction while holding above $1900. The metal witnessed wild swings in choppy trading on Wednesday, in light of the chaotic and long US election. As it stands, Democrat Joe Biden is closer towards the US Presidency following a tighter race but the Trump campaign has filed a legal battle to contest the elections.

Meltdown – the formal end of fiscal stimulus talks was only the beginning of a down week for gold, which also struggled with the covid-related gloom. The fate of the precious metal hinges on the elections, yet surprise stimulus from central banks could also move XAU/USD.