Gold prices are declining due to US dollar strength post-election results, with potential support around 2600.
Highlights
📉 Gold’s recent bullish move reversed after election results.
💵 Strong US dollar influences gold’s downward trend.
🔍 Weekly time frame shows signs of weakness in gold.
📊 Fibonacci analysis indicates potential support at 2600.
🔄 Market structure shift suggests bearish sentiment in gold.
📅 Upcoming economic events may impact market volatility.
📈 DXY exhibits bullish momentum, affecting gold and other currencies.
Key Insights
📉 Gold’s Bearish Outlook: Following a significant rise, gold is showing signs of weakness, suggesting a bearish trend ahead with targets around 2600. This aligns with market expectations of higher interest rates.
💵 Impact of DXY Strength: The US dollar index (DXY) has gained strength post-election, influencing gold’s price negatively. A bullish DXY typically indicates lower gold prices due to inversely correlated movements.
🔍 Technical Analysis on Gold: The weekly chart reveals a potential bearish structure, with key Fibonacci levels indicating support at 2600, providing insights into possible price corrections.
📊 Market Sentiment Shift: A market structure shift identified on the 4-hour chart signals bearish sentiment, highlighting the importance of key resistance levels for future price movements.
📅 Upcoming Economic Events: The week ahead appears calm with minimal economic data, but upcoming CPI and retail sales reports could introduce volatility, affecting both gold and the dollar.
📈 DXY’s Continued Strength: The bullish trend in DXY is expected to persist unless significant market changes occur. This could further pressure gold prices and other currencies negatively.
Highlights
📉 Gold’s recent bullish move reversed after election results.
💵 Strong US dollar influences gold’s downward trend.
🔍 Weekly time frame shows signs of weakness in gold.
📊 Fibonacci analysis indicates potential support at 2600.
🔄 Market structure shift suggests bearish sentiment in gold.
📅 Upcoming economic events may impact market volatility.
📈 DXY exhibits bullish momentum, affecting gold and other currencies.
Key Insights
📉 Gold’s Bearish Outlook: Following a significant rise, gold is showing signs of weakness, suggesting a bearish trend ahead with targets around 2600. This aligns with market expectations of higher interest rates.
💵 Impact of DXY Strength: The US dollar index (DXY) has gained strength post-election, influencing gold’s price negatively. A bullish DXY typically indicates lower gold prices due to inversely correlated movements.
🔍 Technical Analysis on Gold: The weekly chart reveals a potential bearish structure, with key Fibonacci levels indicating support at 2600, providing insights into possible price corrections.
📊 Market Sentiment Shift: A market structure shift identified on the 4-hour chart signals bearish sentiment, highlighting the importance of key resistance levels for future price movements.
📅 Upcoming Economic Events: The week ahead appears calm with minimal economic data, but upcoming CPI and retail sales reports could introduce volatility, affecting both gold and the dollar.
📈 DXY’s Continued Strength: The bullish trend in DXY is expected to persist unless significant market changes occur. This could further pressure gold prices and other currencies negatively.
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🟡 Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/FxOverseas
🟢 INSTAGRAM: instagram.com/fxoverseas/
🟢 Youtube :youtube.com/@fxoverseas
🟡 Not financial advice. For educational purposes only.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🔵 FREE TELEGRAM CHANNEL: t.me/fxoverseas
🔴 TWITTER: twitter.com/FxOverseas
🟢 INSTAGRAM: instagram.com/fxoverseas/
🟢 Youtube :youtube.com/@fxoverseas
🟡 Not financial advice. For educational purposes only.
🔴 TWITTER: twitter.com/FxOverseas
🟢 INSTAGRAM: instagram.com/fxoverseas/
🟢 Youtube :youtube.com/@fxoverseas
🟡 Not financial advice. For educational purposes only.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.