GOLD - USD - Gold after the U.S elections - 11/11/2024 (GMT)

Gold prices meet͏ more selling push with strong U. S. dollar, driven by hope about Donald Trump’s likely growth plans and his suggested 10% import tax which might raise costs and hold back the Federal Reserve's ability to cut rates. This has helped boost higher U. S. Treasury yields, drawing investors away from the non-yielding gold. Traders are cautious ahead of U.S. inflation data and Federal Reserve Chair Jerome Powell’s speech, which could influence future price moves and more specifically may limit losses in the near term.
 From a technical point of view, the price is testing a major support area consisting of the 23.6% of the weekly Fibonacci retracement level, the lower band of the Bollinger bands as well as the 50-day moving average. If it manages to make a valid break below this area then the next area of possible support might be seen around the $2,600 price level which consists of the psychological support of the round number as well as the 38.2% of the weekly Fibonacci retracement.