GOLD Positioned for Upward Movement Amid Political Shifts and Biden's Withdrawal from 2024 Election

Gold Trader Team

7/22/20241 min read

With GOLD currently hovering around the confluence of the 61.8 Fibonacci level, support area, and fresh demand area, the metal is positioned for a potential upward movement. On the political front, President Joe Biden's withdrawal from the 2024 Presidential election and endorsement of Vice President Kamala Harris could further support this technical trend.

Biden's decision follows declining support after a poor debate performance against former President Donald Trump. Concerns about Biden's viability grew after he appeared out of touch during the debate. Additionally, an assassination attempt on Trump last weekend has shifted some undecided voters towards him, complicating matters for Democrats. Trump responded on social media, criticizing Biden's fitness for office and his tenure.

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GOLD Positioned for Upward Movement Amid Political Shifts and Biden's Withdrawal from 2024 Election

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CFDs and Spot FX are complex instruments and come with high risk of losing money rapidly due to leverage and may not be suitable for all kind of traders or investors.

Most of traders or investors accounts lose money when trading CFDs and Forex. You should consider whether you understand how CFDs and Forex work and can afford the high risk of losing your money.

All information that we share in this gold-trader.net website isn't intended as investment advise. The information is based on historical performance or data and the final decision to trade is yours. Please keep in mind that past performance or data may not be indicative of future results.

Trade or invest with the money that you can afford to lose. We’re not responsible for any possible outcome that might occurred.