The precious complex is moving higher in early morning trading after a sharp sell-off

The precious complex is moving higher in early morning trading after a sharp sell-off to end last week. The downward momentum across the financial landscape, that was apparent through much of last week, was finally too much to bear on Friday and investors took the opportunity to lock in profits/cut losses and hit the sidelines in preparation for tomorrows U.S. Presidential Election. The Institute for Supply Management will report its service-sector index and more corporate earnings are on tap for the day but none of it really matters as investors are in wait-and-see mode at the moment. After the decision of who will be Commander-in-Chief for the next 4 years, the next big question will surround the “Fiscal Cliff” that is fast approaching. Expect thin trading conditions both today and tomorrow, which could lead to some volatility in the markets. However, until the results of the election are clear we shouldn’t see any significant movement in either direction. Have a great day!