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Gold Slide Continues After U.S Election, Fed Decision Next

By Market Pulse (Kenny Fisher)CommoditiesNov 08, 2018 01:12PM ET
www.investing.com/analysis/gold-slide-continues-after-us-election-fed-decision-next-200357081
Gold Slide Continues After U.S Election, Fed Decision Next
By Market Pulse (Kenny Fisher)   |  Nov 08, 2018 01:12PM ET
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Gold continues to lose ground this week. In Thursday’s North American session, the spot price for one ounce of gold is $1224.17, down 0.21% on the day. On the release front, unemployment claims remained pegged at 214 thousand. Later in the day, the Federal Reserve winds up its policy meeting and will release a rate statement.

The Fed is widely expected to maintain interest rates, after raising rates by 25 basis points in September. The markets will be combing through the rate statement, as the tone of the statement could move the U.S dollar. The Fed has sounded hawkish in the September statement, acknowledging the booming U.S economy and reiterating that it planned to continue its stance of gradually raising rates. If the Fed statement gives a thumbs-up to the economy, gold could continue to slide.

Gold prices are down this week, as risk appetite has improved. Investors were relieved as the U.S mid-term election ended in a split decision. The Democrats regained the House of Representatives but the Republicans maintained control of the Senate. Had the Democrats taken both houses, President Trump would have been reduced to a lame duck, unable to push forward his market-friendly policies. If Trump is serious about bipartisan cooperation, he can still advance his plans for increased fiscal stimulus and lower taxes, but he will need support from the Democrats.

XAU/USD Fundamentals

Thursday (November 8)

Friday (November 9)

*All release times are EST

*Key events are in bold

XAU/USD for Thursday, November 8, 2018

Gold
Gold

XAU/USD November 8 at 12:00 DST

Open: 1226.66 High: 1227.22 Low: 1220.28 Close: 1224.17

XAU/USD Technicals

S3 S2 S1 R1 R2 R3
1170 1204 1220 1236 1261 1284

XAU/USD edged lower in the Asian session. The pair has shown limited movement in the European and North American sessions

  • 1220 was tested earlier in support
  • 1236 is the next resistance line
  • Current range: 1220 to 1236

Further levels in both directions:

  • Below: 1220, 1204, 1170 and 1146
  • Above: 1236, 1261 and 1284

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Gold Slide Continues After U.S Election, Fed Decision Next
 

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Gold Slide Continues After U.S Election, Fed Decision Next

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