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Gold highest since US election
While indices turned lower, gold moved higher overnight, pushing to its highest level since the US election. Price action on Thursday saw dip buyers enter, so when combined with today’s developments further gains should be expected.
A pullback towards the 50-period simple moving average (SMA) at $1305 on the four-hour chart should be the kind of opportunity buyers will be looking for. Only a move below $1300 really negates the trend.