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Gold fell below $2,670 an ounce on Wednesday, retreating from a high of $2,758 set on October 30. Trump’s victory in the presidential election and the strengthening of the US dollar have led investors to reduce their safe-haven gold holdings. Contrary to expectations, the election was more easily contested and the outcome was less likely to be questioned. In addition, expectations that the Fed will maintain higher interest rates have dampened demand for interest-free gold and led to income assets.
Trump’s campaign claims include tax hikes and tax cuts, which bolster expectations of higher deficits and inflation. Meanwhile, the Fed is expected to announce a 25bp rate cut tomorrow and will provide further guidance on the balance between persistent inflation risks and a weaker job market.
Gold is likely to remain under pressure in the near term due to a strong US dollar and market expectations for a higher interest rate environment. However, if the new government’s fiscal policy further boosts inflation expectations, safe-haven demand for gold could rebound.
The upper first line resistance is $2,700, and the upper second line resistance is $2,746,
The first line of support is $2,643 below, and the second line of support is $2,605 below.
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