Gold trades higher on stagflation fears, Harris’ nomination

Gold is trading higher as stagflation fears bite, suggesting inflation may remain elevated amid slower growth. The nomination of Kamala Harris as the Democrat presidential candidate further aids Gold as her policies are seen as less inflationary. Gold is potentially unfolding a down-leg within a widening sideways trading range. Gold recovers for a second day in a row, trading back up in the $2,410s as “stagflation” fears mount.

It is possible to redraw the range with a slanting top, which would indicate the new high achieved on July 17 was still within the confines of the range rather than a breakout, as previously thought. XAU/USD Daily Chart Such a revision would also now suggest the Gold price was unfolding a new down leg within the widening range towards the floor and the 100-day Simple Moving Average at circa $2,320. The 50-day SMA at $2,360 is likely to present temporary support on the way down.

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