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Gold ticked higher on Thursday thanks to a weakening dollar which has been under pressure from uncertainty about the outcome of a tight U.S. presidential race. The race to the White House continued to be a key factor driving global markets.
Although two latest polls indicated that Democrat Hillary Clinton is still favored to win, the margin of victory has narrowed. The resurgence of Republican rival Donald Trump just days ahead of the Nov. 8 election rattled investor interest in riskier investments.
Stocks lost ground in the morning session with all three benchmark indexes trading in the red. The S&P 500 Index traded near a four-month low, looking set to close lower for the eighth consecutive trading session, and on course for its longest losing streak since 2008. While S&P 500 shed 0.3%, the Dow Jones Industrial Average lost 0.1% and the Nasdaq Composite slid by 0.6%. As a result, demand for traditional safe-haven assets such as gold rose steadily.
On the other hand, dollar retreated against a basket of six main currencies ahead of non-farm payrolls data, which will be released on Friday. Employers are expected to gain 175,000 jobs in October.
Fig: GOLD D1 Technical Chart
Gold is struggling around the 23.6% Fibonacci retracement at $1297.00 per ounce. After moving sideways for nearly two weeks below the firm resistance at 1275.00, the precious metal breached that handle successfully and tends to break above the 23.6% level. As can be seen from the chart, this bar had previously forced gold prices to reverse lower two times which are in May and in late-June. Therefore, to surpass this 23.6% level, gold may need a fresh boost from fundamental side. We are looking forwards to a wide fluctuation in the gold market with the U.S NFR tomorrow.
Buy Digital Call Option from 1300.00 to 1305.00 valid until 20:00 GMT November 03, 2016