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Gold end 6 day winning run.
Published on 27.09.2016 21:58

Golds 6 day winning run came to an end today after the first presidential debate where Hillary Clinton squared off with Donald Trump.

At 6.36pm (GMT) the gold price was trading at $1,327 down from $1,337 in yesterday’s trading.

While the first presidential debate yielded no clear cut winner, Clinton seemed to get the better of Trump causing a selloff of safe haven assets such as the US dollar and gold.

Clinton is seen as the safer and predictable candidate for economic and foreign policy while the market views Trump as unpredictable and especially in light of his wild comments.

"Gold slipped back slightly on the back of that but this story is far from over. Trump showed his true colours and this will continue to support gold prices if his poll numbers climb,"said David Govett,head of precious metals at Marex Spectron

Some however remain cautious as recent polls show that the gap has been narrowing and there is still 2 more presidential debates where Trump can make a comeback,

“Even though Clinton’s odds of winning may have risen after this debate according to bookmakers, we have to sound a note of caution as the opinion polls show that the gap between the two candidates has narrowed significantly over the past weeks, This suggests that there is still much to be decided in the upcoming two debates.” said Charalambos Pissouros, senior analyst with IronFX Global.


Andrew Masters

Analyst

The power of leverage is the power of Forex.
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