Downtrend continues - GOLD down
Gold (XAU/USD) came under heavy selling pressure ahead of the European market on Wednesday, falling to near $2,700, a near three-week low. With Republican candidate Donald Trump taking the lead in the US presidential race and potentially becoming the 47th president, the dollar has staged a strong rally, triggering a sell-off in gold.
Concerns about deficit spending and expectations of less aggressive interest rate cuts by the Federal Reserve have also pushed up US Treasury yields and shifted investors' interest away from non-yielding gold. In addition, the risk appetite shown by the strong rebound in US equity futures suggests that the Aussie could continue to fall against the US dollar.
The election result pushed gold back into the 2,700 support range, recovering in correction mode. Still maintain the upcoming gold support zone: 2700-2680
Sell: 2748-2750
SL 2755
TP1: 2740
TP2: 2725
TP3: 2715
Resale support: 2713
Buy: 2700-2702
SL 2695
TP1: 2708
TP2: 2715
TP3: 2730
Concerns about deficit spending and expectations of less aggressive interest rate cuts by the Federal Reserve have also pushed up US Treasury yields and shifted investors' interest away from non-yielding gold. In addition, the risk appetite shown by the strong rebound in US equity futures suggests that the Aussie could continue to fall against the US dollar.
The election result pushed gold back into the 2,700 support range, recovering in correction mode. Still maintain the upcoming gold support zone: 2700-2680
Sell: 2748-2750
SL 2755
TP1: 2740
TP2: 2725
TP3: 2715
Resale support: 2713
Buy: 2700-2702
SL 2695
TP1: 2708
TP2: 2715
TP3: 2730
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