GOLD → Global reversal H&S. How far do we fall?

6 Nov 2024

XAUUSD was looking pretty steady in the Asian session until the press came out with their statements before Trump's speech. The fundamental background is weakening, but there are positive nuances from the news....



There is one last vote left, but Trump has a 99% chance of winning.
Markets believe his policies will put upward pressure on inflation, treasury yields and the US dollar, which could have an overall negative impact on the XAU
BUT, there is a possibility that in the long term, the gold price will also benefit from the new president's policies as Trump's foreign policy related to China and Europe could cause unrest and panic in the market
Sentiment around the US election will play a key role in gold price movement ahead of the US Fed policy announcement due on Thursday.
Technically, gold is giving hints of a possible reversal by forming a classic H&S pattern. The main support is at 2708

Resistance levels: 2731, 2735, 2749
Support levels: 2724, 2713, 2708, 2689

Also, H1 is starting to show a local descending channel. Before the official verdict of the vote, the price can still test these resistance areas, but later the market may turn around and start a gradual decline until the end of market-wide euphoria....

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

6 Nov 2024

Dagangan ditutup: sasaran tercapai

Target (2673) reached!