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GOLD: Steady As US Election Unfolds

GOLD
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Gold is steady in today’s Asia-Pac session, after closing 0.2% higher at $2743.99 yesterday. For reference, last week bullion hit a fresh all-time high of $2,790.

  • The key focus today is the unfolding U.S. Election, with results coming in steadily.
  • Decision Desk HQ still has election odds firmly in favour of Trump, close to 69%. Also note: NYT's presidential forecast 'needle' has for the first time in the night moved out of the 'tossup' category, with the election now seen as 'leaning Trump' with a 66% chance of victory according to the Times.
  • Trump-related trades continue to gain ground. Bitcoin is now up above 5%. EUR and JPY down a little over 1.2%, with AUD and NOK not far behind. MXN is down 2.4%, last near 20.60, fresh highs in USD/MXN back to 2022. USD/CNH is above 7.1500, around session highs.
  • US equity futures are up near 1.0% for Eminis. US yields are up 11-16bps across the curve. The 10-year back to 4.415%. The curve is steeper.
  • According to MNI’s technicals team, the trend condition in gold remains bullish, with sights on the $2,800.0 handle next.
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Gold is steady in today’s Asia-Pac session, after closing 0.2% higher at $2743.99 yesterday. For reference, last week bullion hit a fresh all-time high of $2,790.

  • The key focus today is the unfolding U.S. Election, with results coming in steadily.
  • Decision Desk HQ still has election odds firmly in favour of Trump, close to 69%. Also note: NYT's presidential forecast 'needle' has for the first time in the night moved out of the 'tossup' category, with the election now seen as 'leaning Trump' with a 66% chance of victory according to the Times.
  • Trump-related trades continue to gain ground. Bitcoin is now up above 5%. EUR and JPY down a little over 1.2%, with AUD and NOK not far behind. MXN is down 2.4%, last near 20.60, fresh highs in USD/MXN back to 2022. USD/CNH is above 7.1500, around session highs.
  • US equity futures are up near 1.0% for Eminis. US yields are up 11-16bps across the curve. The 10-year back to 4.415%. The curve is steeper.
  • According to MNI’s technicals team, the trend condition in gold remains bullish, with sights on the $2,800.0 handle next.