Gold Price Sinks, Beats Analyst Expectations Following Trump Win

New York (Nov 13)  The US election is over with a major layout on gold proving all analysts wrong as XAU/USD should peak if Trump would be victorious. Gold was supposed to peak beating 1330 handle and park in that zone but as soon as the white smoke came out of white house with a the new president, gold started tumbling dramatically reaching a low today 1251.19.

The haven metal had a long journey before reaching this low level, first rallying from 1268.13 (low) on the election day clocking a new high for Nov at 1337.35, closing at 1277.58. Bearish momentum extended yesterday sinking to 1252.35 low, but before that the metal clocked a high at 1292.33.

On the other hand, US dollar index was moving totally opposite to gold's lows and highs starting on 9th with a low at 95.31 while gold was booming, then the index started a hike scoring a 99.08 yesterday while gold was soaring. Currently gold is trading at 1262.30 intraday as US dollar index trading at 98.66. Although gold started taking its breath, but still remains under pressure on strong dollar after Trump's strong speech. Gold SMA 100 (1269.58) , 50 SMA (1291.23).

Trend: bearish sideways

Key levels to watch: Daily Pp 1268.77

Resistance: R1 1275.12, R2 1283.93, R3 1296.25

Supporrt: S1 1248.71, S2 1237.14, S3 1223.42

Remark: The general trend is bearish, but expect some short-term-upswing.

Source: INvesting.com