9 Nov 2016
Gold - Déjà vu all over again
It’s Brexit Déjà vu for Gold all over again. The metal is up 4% near $1330/Oz levels on account of the Trump-led risk aversion.
The action in the yellow metal clearly mimics the one seen on June 24 Brexit referendum.
The metal clocked a low of $1268 before jumping to a high of $1337/Oz levels.
The metal remains solidly bid given the Trump victory looks like a done deal.
Gold Technical Levels
Key resistance levels - $1352 (Sep high), $1375 (July high), $1400
Key support levels - $1300, $1268 (daily low), $1246 (weekly 50-MA)