GOLD Analysis Post-Election: Bearish Continuation with Key Level

6 nov

Technical Analysis

As we mentioned yesterday, GOLD was expected to be bearish due to the high likelihood of Trump’s success in the election.

Now that Trump has won, GOLD has dropped by about $49 as anticipated, reaching 2712 and 2700.

Currently, we remain in a bearish trend, with the price still aiming for 2712 and potentially 2695 and 2677. A retest of up to 2739 is possible.

As long as the price trades below 2731, further declines toward 2712 and 2695 are expected.

Bearish Scenario: The price may retest 2731 before resuming its downward trend toward 2706, 2695, and 2677. Stability below 2706 reinforces the bearish outlook.

Bullish Scenario: A 4-hour candle close above 2739 would indicate a potential bullish shift, with subsequent targets at 2749 and 2758.

Key Levels:
Pivot Point: 2731
Resistance Levels: 2739, 2749, 2758
Support Levels: 2706, 2695, 2677

Trend Outlook:
Under 2739: Downtrend

previous idea

6 nov

Trade attivo

GOLD
Live - Update

Gold recently dropped below a key pivot level, signaling a potential bearish continuation. Notably, we achieved a gain of approximately 700 pips, moving from 2731 to 2760.

Bearish Scenario: If Gold remains below the pivot at 2677, further declines are expected toward the support levels of 2640 and potentially down to 2606. Stability below 2640.910 would reinforce bearish momentum, targeting 2587 as the next level.

Bullish Scenario: A move above 2677 may trigger a bullish rebound, with an initial target at 2706. Sustained trading above 2706 would suggest further upside potential, aiming toward 2749.

Key Levels:

Pivot Point: 2677
Resistance Levels: 2706, 2749
Support Levels: 2640, 2606, 2587