Gold retreats sharply to $ 1300 on Trump’s victory

Risk appetite is seen returning to markets as traders digest Trump presidency news, with most analysts now saying that a Trump win may be negative for markets in the short-term, but has wider positive ramifications in the longer-run.

The European equity markets are trading near daily highs, while the yen has almost eroded 250 pips versus the greenback. Hence, markets are taking profits off the table in gold, after the bullion rallied to six-week tops on increased nervousness surrounding the US exit poll results.

Meanwhile, gold is last seen exchanging hands near $ 1300, still up +1.92% on the day, versus almost 4% rise seen previously.

Gold: Technical levels:

Key Resistances: 1325 (multi-week highs), 1350 (psychological levels)

Key Supports: 1290 (resistance-turned support), 1279 (20-DMA)