Gold Price Today (11/11): Has the Uptrend Ended?Gold prices are currently under strong downward pressure due to macroeconomic factors and market sentiment. Positive economic indicators from the U.S., such as the rise in the Consumer Confidence Index and inflation expectations, lead investors to forecast that the Federal Reserve (Fed) is unlikely to cut interest rates in the near future. Additionally, increased holiday shopping demand is boosting the U.S. economy, but putting pressure on gold prices. The market also expects gold to continue declining as Donald Trump takes office.
Looking at the chart, we see that the EMA 34 has crossed below the EMA 89, signaling a bearish trend and indicating that the price trend has shifted to the downside. With resistance levels at 2,706 and 2,670, it will be difficult for gold to regain an uptrend. The next support level may be around 2,620, where gold could find strong buying interest and possibly reverse temporarily. However, if this support is not maintained and prices break lower, the likelihood of gold continuing to decline to deeper support levels, such as 2,590 and 2,550, is high.
In this context, with gold prices likely to continue falling, it is essential to closely monitor key support and resistance levels to make informed investment decisions. If gold cannot hold important support levels, investors may need to adjust their portfolios accordingly.
