Gold Pauses: Strong Resistance Halts Upward Momentum?
Gold saw a slight increase on Tuesday (Nov 5) as investors braced for potential political tension, with Donald Trump and Kamala Harris in a tight race in the U.S. presidential election, raising the likelihood of a contested result.
Today’s 1-hour XAUUSD chart shows gold encountering a strong barrier at the 2,748.645 USD/oz level, where the EMA 34 and 89 converge, forming a significant resistance zone. The presence of a downward trendline further reinforces selling pressure in this area.
If gold fails to break through the 2,748.645 resistance level, a bearish scenario could unfold, potentially driving the price back to test the support around 2,726.864 USD/oz. Should this support level also be breached, a deeper decline might follow.
Today’s 1-hour XAUUSD chart shows gold encountering a strong barrier at the 2,748.645 USD/oz level, where the EMA 34 and 89 converge, forming a significant resistance zone. The presence of a downward trendline further reinforces selling pressure in this area.
If gold fails to break through the 2,748.645 resistance level, a bearish scenario could unfold, potentially driving the price back to test the support around 2,726.864 USD/oz. Should this support level also be breached, a deeper decline might follow.
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