Gold fades the spike to $1,340 on Trump, stays near $1,300
The ounce troy of the precious metal keeps its daily gains intact on Wednesday, up more than 2% above the $1,300 limestone for the time being.
Gold surges on Trump’s victory
The yellow metal has climbed to fresh 2-month tops near $1,340 earlier in the Asian session accompanying the initial chances that Donald Trump could become the next US President.
In fact, the upside in Bullion lost some upside momentum after Trump was proclaimed the 45th US President, although the prevailing ‘flight-to-safety’ bias remains supportive of a stronger metal.
The weaker greenback and the so far generalized offered sentiment around the European markets keep sustaining the demand for the safe haven metal, while the developments post-US elections are poised to driver the mood in the global markets in the very near term.
Gold key levels
As of writing Gold is gaining 2.35% at $1,304.45 facing the next resistance at $1,338.20 (high Nov.9) ahead of $1,344.45 (high Sep.23) and then $1,350.50 (high Sep.6). On the other hand, a breach of $1,269.67 (low Nov.9) would aim for $1,249.50 (low Oct.5) and finally $1,219.05 (50% Fibo retracement of the 2016 up move).
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