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Long

Gold trades higher as Trump leads US election race, good to buy

FX_IDC:XAUUSD   GOLD / US DOLLAR
316 1 7
Gold             jumped drastically till $1313.60 as Trump leads US presidential race. The yellow metal breaks psychological level $1300 as fresh data suggests that Donald Trump was leading in 129 electoral votes against Clinton 97 vote.

Short term trend is bullish as long as support $1295 (50- day MA) holds.Any violation below will drag the yellow metal till $1285/$1278 in the short term.

On the higher side, major resistance is around $1315 and any break above will take the yellow metal till $1323 ( 61.8% retracement of $1375 and $1241.50)/$1343.

It is good to buy on dips around $1305-$1307 with SL around $1295 for the TP of $1323/$1340

Should we short soon?
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