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On this day — October 20, 2020
Tuesday — a normal trading day. Tuesday is also when the CFTC publishes Commitments of Traders data for the prior week, often producing intraday movement.
Day 294 of 366 · Q4 2020 · 80.3% through the year
October 2020 gold market: Range-bound into the US election
Range-boundA low-volatility holding pattern before the election.
Gold chopped sideways around $1,900 through October as investors awaited the US presidential election and another round of stimulus that never quite arrived. Low volatility masked an underlying tension between debasement bulls and a recovering dollar.
What drove gold in October 2020
- US election uncertainty
- stalled stimulus talks
- range-bound dollar
- subdued volatility
Key events in October 2020
- Oct 30Gold ends October near $1,880 ahead of the election
What happened next
The quiet broke violently in November when vaccine breakthroughs rotated investors out of safe havens.
For gold buyers
October rewarded patience over conviction; with catalysts pending, neither bulls nor bears could force a breakout.