An Election Reflection for Gold
Gold has had a great run since our last outlook from our first and secondary levels of support, and price action has been able to climb through our intermediate target of $1,301.
However, due to the potential U.S. election upset by Donald Trump, the decline in the U.S. dollar and general market turmoil, the gains in the yellow metal have come quickly.
Near-term, the z-score of daily price action is 2.19 (down from 2.5) with the stochastics showing a potential for an overbought sell signal.
On the other hand, the z-score on the weekly price action is -.39 and is combined with a healthy RSI and increased + DMI activity.
Translation: gold has the potential to pullback near-term, especially is Hillary Clinton wins the White House on Tuesday. But, the longer-term trend still remains intact and healthy for further upward extension.
Likely to see continued resistance between $1,308-10 with nearest support near $1,284 then $1,262. On the risk aversion aspect of the coming election, a Trump win would give gold the boost to challenge the overwhelming downtrend – tested twice this year but failed – created as gold fell from $1,921.
If you want to learn more follow @Macro_View on TWTR and go to macroview.co to get on our waiting list to subscribe!
Our exclusive analysis on precious metals can be found at Bullion.Directory. Original article posted here.
However, due to the potential U.S. election upset by Donald Trump, the decline in the U.S. dollar and general market turmoil, the gains in the yellow metal have come quickly.
Near-term, the z-score of daily price action is 2.19 (down from 2.5) with the stochastics showing a potential for an overbought sell signal.
On the other hand, the z-score on the weekly price action is -.39 and is combined with a healthy RSI and increased + DMI activity.
Translation: gold has the potential to pullback near-term, especially is Hillary Clinton wins the White House on Tuesday. But, the longer-term trend still remains intact and healthy for further upward extension.
Likely to see continued resistance between $1,308-10 with nearest support near $1,284 then $1,262. On the risk aversion aspect of the coming election, a Trump win would give gold the boost to challenge the overwhelming downtrend – tested twice this year but failed – created as gold fell from $1,921.
If you want to learn more follow @Macro_View on TWTR and go to macroview.co to get on our waiting list to subscribe!
Our exclusive analysis on precious metals can be found at Bullion.Directory. Original article posted here.
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