Will traders short this bounce in gold?
Gold prices dropped sharply on the news that President Trump will govern the U.S. for the next four years, starting from January 6. This decline makes sense, given his plans to boost the economy despite an already low unemployment rate of 4.1%. These efforts are likely to push inflation and wages higher, which could compel the Fed to maintain elevated interest rates.
As long as prices stay below 2,720, a test of this week’s low seems likely in the coming days.
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As long as prices stay below 2,720, a test of this week’s low seems likely in the coming days.
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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