GOLD / Key Levels and Political Impact

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Gold Price Analysis (4-Hour Candle Timeframe)

Based on the provided chart:

1. Resistance Levels:
- Immediate Resistance: $2,420
- Next Resistance: $2,439
- Key Resistance: $2,450

2. Support Levels:
- Immediate Support: $2,397
- Next Support: $2,387

3. Current Price Action:
- The price is currently around $2,410, testing the pivot line at $2,420.
- There is a potential bullish scenario if the price breaks above $2,420, aiming towards $2,439 and possibly $2,450.
- A bearish scenario could unfold if the price fails to hold above $2,410, leading to a potential drop towards $2,397 and further down to $2,387.

4. Market Sentiment:
- The chart indicates a consolidation phase with key support and resistance zones that could determine the next direction.
- The recent bullish move suggests that traders might anticipate positive momentum, but caution is advised around resistance levels.

Impact of Political Events on Financial Markets

The attempted assassination of former President Donald Trump is likely to impact financial markets in several ways:

1. US Dollar (USD):
- Short-term Strength: The US Dollar is likely to see short-term strength as investors seek safety amidst political uncertainty.
- Investors typically flock to the USD during times of political turmoil due to its status as a global reserve currency.

2. Gold:
- Price Surge: Gold prices may surge due to increased demand for safe-haven assets.
- Political instability often drives investors to seek refuge in gold, which is considered a stable store of value during uncertain times.

Summary

Given the current technical levels on the gold chart and the potential political impact:

• Bullish Scenario: If gold breaks above $2,420, we could see a rally towards $2,439 and possibly $2,450.
  
• Bearish Scenario: Failure to maintain above $2,410 could lead to a drop towards $2,397 and further down to $2,387.
  
• Political Impact: The attempted assassination of former President Trump is expected to cause a surge in gold prices and short-term strength in the USD as investors seek safe-haven assets.
  
  
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