Gold declines amid prospects for volatile trading on the U.S. presidential election results. Like other asset classes, the morning Asian session could be a very choppy one for the precious metal, Oanda says. ”
I am expecting gold to range between $1,890.00 and $1,920.00 an ounce this morning. Longer-term investors may want to sit the Asian session out,” says Jeffrey Halley, senior market analyst at Oanda. Spot gold is down 0.4% at $1,901.70/oz.
AUD/USD, a key risk barometer in forex markets, is gyrating with swings in U.S. equity futures, which are in turn clearly positively correlated with the perceived probability of a Biden win in the U.S. presidential election, says Sean Callow, currency strategist at Westpac. Trump’s better-than-expected results in Florida and Georgia have seen the pair reverse from its high of 0.7222 to 0.7140.