Volatile gold moves expected into the election but major selloffs below $1,840 are unlikely: MKS PAMP Group
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(Kitco News) Volatility will remain high as the U.S. election approaches, but major selloffs are unlikely with strong support sitting at around $1,850-$1,840 an ounce, according to MKS PAMP Group. "ETF demand across gold has been buoyant in recent sessions to underpin pricing above the psychological USD $1,900 support, and while we expect to see volatile pricing around the U.S. election, downside moves should remain shallow, with hard support through USD $1,850 - $1,840 the key for near-term pricing," writes MKS. The focus remains on the U.S. dollar and U.S. equity flows.