Trump's proposed policies hit gold hard
Gold prices have dropped 8.41% following Trump's victory, and the rationale is simple: Trump's policies are, as we've described in many places, inflationary, which will likely keep interest rates high. Realistically, with the unemployment rate already at 4.1%, attempting to boost GDP at this point will only drive inflation. These expectations are driving gold prices lower. Plus, there is the risk of de-escalation in the Ukraine and Russia war.
In the short term, the trend is bearish below Wednesday's high of $2,619, and traders will likely see a bounce toward $2,584 as an opportunity to short-sell, targeting $2,555 and then $2,528.
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In the short term, the trend is bearish below Wednesday's high of $2,619, and traders will likely see a bounce toward $2,584 as an opportunity to short-sell, targeting $2,555 and then $2,528.
This content is not directed to residents of the EU or UK. Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
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