XAUUSD. Could prices continue to rise after the US elections?
Fundamental analysis
Gold lost momentum, trading slightly above $2,730 per ounce on Thursday, after the release of strong personal income and spending data, persistently above-target inflation, and a sharp reduction in jobless claims.
This situation provided the Federal Reserve with more leeway to delay further aggressive rate cuts. Meanwhile, the potential for another Trump presidency raised expectations of expansionary fiscal policy and increased import tariffs, prompting investors to continue buying gold as a hedge against long-term inflationary risks.
Technical analysis
XAUUSD showed a sharp downside correction after reaching an all-time high of around $2,790. The price tested the level of around $2,732 as support, at the 23.6% Fibonacci level.
If we add a Fibonacci Extension, considering the downside correction was over at $2,732, and the price continues to the upside, it could test the level of $2,790 before $2,805 as a resistance.
On the contrary, if the downside correction continues, the price could test $2,696 before $2,667.
Gold lost momentum, trading slightly above $2,730 per ounce on Thursday, after the release of strong personal income and spending data, persistently above-target inflation, and a sharp reduction in jobless claims.
This situation provided the Federal Reserve with more leeway to delay further aggressive rate cuts. Meanwhile, the potential for another Trump presidency raised expectations of expansionary fiscal policy and increased import tariffs, prompting investors to continue buying gold as a hedge against long-term inflationary risks.
Technical analysis
XAUUSD showed a sharp downside correction after reaching an all-time high of around $2,790. The price tested the level of around $2,732 as support, at the 23.6% Fibonacci level.
If we add a Fibonacci Extension, considering the downside correction was over at $2,732, and the price continues to the upside, it could test the level of $2,790 before $2,805 as a resistance.
On the contrary, if the downside correction continues, the price could test $2,696 before $2,667.
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