Gold Price Weaker As Marketplace Expects A Clinton Victory

San Francisco (Nov 8)  Gold prices ended the U.S. day session modestly lower on follow-through selling pressure from Monday’s strong down day. This week has seen a marked uptick in trader and investor risk appetite, and that’s bearish for safe-haven gold. There is a growing belief among market watchers that Hillary Clinton will win the U.S. presidential election. December Comex gold was last down $3.30 an ounce at $1,276.10. December Comex silver was last up $0.204 at $18.35 an ounce.
 
 World markets were subdued Tuesday as traders and investors worldwide anxiously await the results of the U.S. presidential election. The latest polls generally show Hillary Clinton with a slight lead over Donald Trump. However, the U.K. Brexit vote results in June that defied the polls are still on the minds of many. The marketplace would take a surprise victory by Donald Trump as an injection of keener uncertainty, and trading in many markets would likely become volatile.

Asian and European equity markets were on hold Tuesday, but U.S. stocks rallied. As the U.S. stock indexes were hitting their daily highs, gold prices were scoring their daily lows.

Once the U.S. election results are in they will be quickly digested by the market place and focus will turn to more normal matters, such as the key outside markets. Nymex crude oil prices were firmer Tuesday and trading near $45.00 a barrel after dropping to a nearly three-month low of $43.57 last Friday.  The other outside market on Tuesday saw the U.S. dollar index trading firmer, following its good gains posted on Monday.

Technically, December gold futures prices closed nearer the session low again today. The gold bulls and bears are now back on a level overall near-term technical playing field. Gold bulls' next upside near-term price breakout objective is to produce a close above solid technical resistance at $1,300.00. Bears' next near-term downside price breakout objective is pushing prices below solid technical support at $1,250.00.

Source: KitcoNews