Gold trades higher as Trump leads US election race, good to buy
Gold jumped drastically till $1313.60 as Trump leads US presidential race. The yellow metal breaks psychological level $1300 as fresh data suggests that Donald Trump was leading in 129 electoral votes against Clinton 97 vote.
Short term trend is bullish as long as support $1295 (50- day MA) holds.Any violation below will drag the yellow metal till $1285/$1278 in the short term.
On the higher side, major resistance is around $1315 and any break above will take the yellow metal till $1323 (61.8% retracement of $1375 and $1241.50)/$1343.
It is good to buy on dips around $1305-$1307 with SL around $1295 for the TP of $1323/$1340
Short term trend is bullish as long as support $1295 (50- day MA) holds.Any violation below will drag the yellow metal till $1285/$1278 in the short term.
On the higher side, major resistance is around $1315 and any break above will take the yellow metal till $1323 (61.8% retracement of $1375 and $1241.50)/$1343.
It is good to buy on dips around $1305-$1307 with SL around $1295 for the TP of $1323/$1340