GOLD is waiting for more information from the election

Updated

XAUUSD Still waiting for more information from the US Presidential election for a medium-term trend, investors need to prepare for political tensions after polls showed Donald Trump and Kamala Harris are both tied. each other on scores. The presidential election still has a very high possibility of a controversial result, and remember that in the 2020s when Trump lost the race for the White House, there were many riots in the US. protests led to mild political tensions.

With the tight race between former President Trump and Vice President Harris for control of the U.S. Congress at stake, in the event the result is unclear or controversial, this could aggravate further political instability.
Trump has repeatedly said that any defeat can only come from widespread fraud, echoing his claims in 2020. If the margins in key states are as close as expected, there is It may take several days to know the final winner.
Additionally, the Federal Reserve is expected to cut interest rates by 25bps on Thursday, following a sharp cut in September, while adding to US interest rate cuts this year.
Gold is considered a hedge against economic and political instability and tends to perform strongly when interest rates are low. This has helped gold gain nearly 33% this year so far.

Ready for the US election, GOLD still fluctuates quite modestly

Analyze technical prospects XAUUSD
On the daily chart, gold's technical structure has not changed much. For more than 3 trading sessions, it has mainly moved sideways, because there has been no sudden impact from the fundamental factors.

Support at $2,725 helped gold recover yesterday but the RSI is still pointing down without reaching the nearest support level at 50. This shows that gold can still A little more bearish, and once the $2,725 support level is broken below it will be open to a little more downside with a target then around $2,709 – $2,700.

However, on the daily chart overall, gold still has conditions to increase with the main long-term price channel supporting the uptrend and the same with the medium-term price channel. The most notable support is the EMA21 level which is also keeping gold above it.

During the day, gold's main technical outlook is bullish with notable technical points 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

Trade closed: target reached

Hit Full TP2 + 120pips🤕🤕🤕. Congratulations everyone

Note

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. .

Note

Gold price is close to 2,650 USD/oz

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

Note

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.

Note

GOLD established a falling structure after a sharp decline

Note

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

Note

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

Note

Gold plummeted below 2,680 USD/oz

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