Gold Faces Resistance, Potential for Deeper Drop
Currently, gold is facing strong resistance at the 2,723 USD/oz level, where the downward trendline and the 34 and 89 EMA lines converge, increasing selling pressure.
When resistance is encountered, the price is likely to retrace to the nearest support level at 2,665. If no barriers are present, it could continue to drop further to the next support at 2,643.
News of Donald Trump's election often causes significant market volatility, especially for XAU/USD. While the USD may strengthen due to Trump's economic policies, potentially pushing gold lower, in the short term, political instability could drive gold as a safe-haven asset.
When resistance is encountered, the price is likely to retrace to the nearest support level at 2,665. If no barriers are present, it could continue to drop further to the next support at 2,643.
News of Donald Trump's election often causes significant market volatility, especially for XAU/USD. While the USD may strengthen due to Trump's economic policies, potentially pushing gold lower, in the short term, political instability could drive gold as a safe-haven asset.
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