Gold Price Potentially Bearish Ahead of US Election
On the current chart of gold price, we can see a potential pattern for a short-term bearish trend. After peaking at nearly $2,780/ounce, the price has started to decline and is currently trading within a bearish channel. The slight bounce this morning could be just a temporary move before continuing the bearish trend, especially since the price has broken the EMA 34 and EMA 89 and is currently under pressure below these EMAs.
Currently, with the US presidential election and the possibility of the FED adjusting interest rates in the early morning of November 7, the gold market could be volatile. If the FED decides to cut interest rates by another 0.25%, there is a high possibility that the USD will weaken, which could create conditions for gold prices to increase again. However, in the short term, if gold prices continue to face resistance in the falling channel, the possibility of falling below the support zone of $2,720/ounce is still a potential scenario.
Currently, with the US presidential election and the possibility of the FED adjusting interest rates in the early morning of November 7, the gold market could be volatile. If the FED decides to cut interest rates by another 0.25%, there is a high possibility that the USD will weaken, which could create conditions for gold prices to increase again. However, in the short term, if gold prices continue to face resistance in the falling channel, the possibility of falling below the support zone of $2,720/ounce is still a potential scenario.
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