FBI Clears Clinton And Gold Price Sells Off

New York (Nov 7)  On Friday we suggested it may be more prudent to watch than to attempt to trade this market into the election. Traders who were long at Friday’s close found that the exit was $20 lower at the Asian open, as the FBI, for a second time, cleared Hillary Clinton in the e-mail saga. The market gapped down $20 as the US$ surged on the news and this morning’s equity market open is previewing a 200-point- plus surge in the Dow. Not yet a done deal, but it appears that Hillary is likely to win. The question will be: what will be the reaction of Trump supporters should he lose. I would suggest that there remains enough uncertainty to prevent aggressive selling from this point until the results are final and that the $1,278 level should provide a base going into Tuesday evening. The $1,297 level should be the upside cap.

Source: KitcoNews