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Gold showed skyrocket movement from less than $1270 to more than $1335 in just few hours of the Asian session on Wednesday, increasing the price of yellow metal to multi-month high level. The technical bias is about to turn bullish as the precious metal looks all set to print a Higher High on the daily chart.
Technical Analysis
As of this writing, the yellow metal is being traded around $1321 an ounce. A support is being noted near $1302-$1300, the confluence of horizontal support as well as psychological number ahead of $1267, the intraday high of today and then $1246, another major horizontal support level as demonstrated in the given below daily chart.
On the upside, the precious metal is expected to face a hurdle near $1337, the intraday high of today so far ahead of $1343, the swing high of the last major upside rally and then $1350, the psychological number. The technical bias shall turn to bullish once the yellow metal breaks the $1343 resistance area.
US Elections
As of this writing, Donald Trump is only 26 electoral votes away from securing the 270 needed for victory. He is projected to win key battleground states of Ohio, North Carolina and Florida. Investors fear a Trump victory could cause global economic and trade turmoil and years of policy unpredictability, discouraging the Federal Reserve from raising interest rates in December as long expected.
Trade Idea
Considering the overall technical and fundamental outlook, buying the precious metal on dips, just around the above mentioned support levels, appears to be a good strategy at the moment.
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