Today, as results from the U.S. presidential election gradually become clear in Tokyo time, if Mr. Trump appears to be in the lead, people may start buying the Dollar, which could lead to selling Gold. However, it may still take a few days for final results to be confirmed.
Also, keep in mind that the Federal Open Market Committee (FOMC) meeting is scheduled for the end of this week. This may cause some correction if Gold has been oversold.
Geopolitical risks remain high, and the long-term upward trend for Gold is still ongoing. If the price of Gold nears the lower edge of its rising price channel, close to the Bollinger Band’s middle line, it might be a good time to consider buying.
Gold-Dollar Expected Range: $2,762 – $2,700
Note: The above information is not a guarantee of profit. Please make your own decisions when trading.