Ready for the US election, GOLD still fluctuates quite modestly

已更新

XAUUSD volatile without a clear trend, as uncertainty over the US election has fueled market expectations of a controversial outcome and possible political tensions, while investors also Close attention should be paid to the Federal Reserve this weekend during their monetary policy meeting.

The US presidential election takes place on Tuesday, with polls showing Democratic candidate Kamala Harris and Republican candidate Donald Trump in a tight race for the White House.
A Reuters/Ipsos poll last month showed public fears that the US could repeat the riots that followed Trump's 2020 election loss, when hundreds of people stormed the country after he claimed that his defeat was due to fraud in Congress.

If Trump wins, I think gold will fall then rise quickly again because a Trump win will benefit the Dollar and a stronger Dollar means gold will be under direct correlation pressure. However, we will not forget that under Trump, the tariff war and his policies created a long period known as the “Trade War”, which has caused gold prices to increase ever since. up to now.

Another focus this week is the Federal Reserve's interest rate decision on Thursday, with markets expecting a 25 basis point rate cut. Gold is considered a hedge against economic and political instability and often performs well when interest rates are low.

GOLD has corrected down, facing a BIG event week

Analysis of technical prospects for XAUUSD
On the daily chart, gold has reached the support level most recently noticed by readers in the previous issue at the horizontal support level of 2,725 USD.
There has been a slight recovery as of the time this article was completed, but the level of recovery is not significant as the operating amplitude is still very slow while the downward RSI has not been reached yet. level 50, level 50 is considered a support or resistance point depending on the RSI's movement conditions.

In the short term, if gold moves above 2,745 USD, the resistance point you noticed in the previous publication, it will have the conditions to continue to increase further with a target of around 2,768 USD in the short term. , more than the 2,786USD price point of the 0.50% Fibonacci extension.

In a more negative case, gold breaks below 2,725 USD, it is likely to decline further with a target of 2,709 USD in the short term more than the original price of 2,700 USD which is also the price point of the 21-day moving average EMA21. Therefore, the short-term long-term protection level should be set behind the level of 2,725 USD, in the longer-term case the long-term open position protection level should be set behind the original price level of 2,700 USD.

In the immediate future, gold still has an upward trend in the medium and long term with support for the above mentioned price increase, and notable points will be listed as follows.
Support: 2,725 – 2,709 – 2,700USD
Resistance: 2,745 – 2,768 – 2,786USD

SELL XAUUSD PRICE 2777 - 2775⚡️
↠↠ Stoploss 2781

→Take Profit 1 2770
↨
→Take Profit 2 2765

BUY XAUUSD PRICE 2703 - 2705⚡️
↠↠ Stoploss 2699

→Take Profit 1 2710
↨
→Take Profit 2 2715

註釋

Gold increased to 2,743 USD/oz as USD weakened

註釋

ISM Services PMI: 56.0 (forecast: 53.8, previous: 54.9)

註釋

GOLD is waiting for more information from the election

交易結束：目標達成

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註釋

Gold price (XAU/USD) dropped more than 1% to $2,710 in Wednesday's trading session, under pressure from the USD's surge after the victory of Republican candidate Donald Trump in the US presidential election.

註釋

Gold price is close to 2,650 USD/oz

The lowest level of the day that gold reached was about 2,652 USD/oz

註釋

World gold prices "plunged" and dropped more than 3% yesterday due to pressure from the recovery of the greenback after US media reported that Republican candidate Donald Trump won the election. US President 2024.

Accordingly, the dollar rose sharply as traders bet that the prospect of higher tariffs under Mr. Trump could keep interest rates high for longer, putting pressure on gold.

註釋

(Focus) Number of initial unemployment benefit requests: 221K (Previous: 216K; Expected: 223K)

註釋

XAUUSD | ✅️The market has basically digested most of the news and will fall into a state of short-term fluctuations in the short term.

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