11.15.2016 The night of Trump’s victory in the US presidential election had the immediate feeling of Brexit all over again… “smart money” and the liberal media had, yet again, completely underestimated a political movement and world markets were turned upside down trying to make sense of an entirely unexpected (although it shouldn’t have been) scenario. Just like with Brexit, market participants immediately flocked to the safe haven allure of gold and it shot up $65 as it became clear that Trump would win. Unlike with the British referendum though, gold’s reaction was short lived. The market’s perception of Trump’s victory reversed drastically with the USD surging, equities sky rocketing from major intra-night losses, and gold falling off a cliff. The USD index and US equities have been on a tear higher since November 8th while gold has shed over $100. Volume on the Comex in gold has been enormous, but steadily declining since the election, and it appears that gold is looking to consolidate around these lower levels. Support is coming in at $1,200 while resistance is at $1,250.
- —November (7)
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- —November (7)