Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Australia is heading towards a hung parliament or an inconclusive election, where no one secures enough seats to form the government. It has been a major setback for Malcolm Turnbull, leader of the current Liberal party government.
Liberal Party alone has secured 39 seats so far in 150 member parliament, while its coalition partner, Liberal National Party, and national Party have secured 16 and 9 seats respectively. Main opposition Labor party has secured 64 seats. Other four small parties have secured 5 seats so far. These figures are initial estimates based on voting data.
The election outcome hasn’t weighed much on the Australian dollar, which has been gaining after initial selloffs, which means, Aussie is quite strong to digest such a news. In addition to that, Reserve Bank of Australia (RBA) unlikely to go for a rate cut in the coming policy meeting tomorrow. That too should provide support to the Australian dollar. Moreover, we expect that dollar will weaken as current rate hike expectations are just not enough.
Trade idea –
Buy AUD/USD at the current price of 0.752 and at dips with a target around 0.82 and the stop loss around 0.71 area.
