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Sharp Fall After Trump Victory

GOLD
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Gold remains steady in today’s Asia-Pacific session after a 3.0% drop to $2,659/oz yesterday. This decline reflected pressure from rising U.S. yields, a stronger dollar, and heavy positioning following the U.S. election outcome.

  • Despite these pressures on gold, analysts at IG Asia say that this will be balanced with potential safe-haven demand in the event of any trade tensions arising from a Trump presidency.
  • Traders are now shifting attention to the Federal Reserve’s interest-rate decision later today, where policymakers are expected to cut borrowing costs by 25bps. Lower rates tend to benefit bullion, which doesn’t pay interest.
  • From a technical perspective, the trend condition in gold remains bullish and the latest pullback is considered corrective, according to MNI’s technicals team. However, an extension lower would signal the scope for a deeper correction, towards $2,643.6, the 50-day EMA.
  • Meanwhile silver has also fallen by 4.4% to $31.2/oz, its lowest level since Oct 15. Bullish conditions in silver remain intact and the bear cycle that started on Oct 23 is considered corrective, for now. However, a clear breach of the 50-day at $31.64, which has been pierced today, would signal scope for a deeper retracement towards $30.211, a trendline support.
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Gold remains steady in today’s Asia-Pacific session after a 3.0% drop to $2,659/oz yesterday. This decline reflected pressure from rising U.S. yields, a stronger dollar, and heavy positioning following the U.S. election outcome.

  • Despite these pressures on gold, analysts at IG Asia say that this will be balanced with potential safe-haven demand in the event of any trade tensions arising from a Trump presidency.
  • Traders are now shifting attention to the Federal Reserve’s interest-rate decision later today, where policymakers are expected to cut borrowing costs by 25bps. Lower rates tend to benefit bullion, which doesn’t pay interest.
  • From a technical perspective, the trend condition in gold remains bullish and the latest pullback is considered corrective, according to MNI’s technicals team. However, an extension lower would signal the scope for a deeper correction, towards $2,643.6, the 50-day EMA.
  • Meanwhile silver has also fallen by 4.4% to $31.2/oz, its lowest level since Oct 15. Bullish conditions in silver remain intact and the bear cycle that started on Oct 23 is considered corrective, for now. However, a clear breach of the 50-day at $31.64, which has been pierced today, would signal scope for a deeper retracement towards $30.211, a trendline support.