{"id":22339,"date":"2024-11-06T03:57:16","date_gmt":"2024-11-06T03:57:16","guid":{"rendered":"https:\/\/www.maxainasia.com\/?p=22339"},"modified":"2024-11-06T03:57:16","modified_gmt":"2024-11-06T03:57:16","slug":"gold-price-forecast-2750-a-tough-nut-to-crack-as-focus-stays-on-us-election-results","status":"publish","type":"post","link":"https:\/\/www.meisheng.asia\/th\/gold-price-forecast-2750-a-tough-nut-to-crack-as-focus-stays-on-us-election-results-20241106\/","title":{"rendered":"Gold Price Forecast: $2,750 &#8211; a tough nut to crack, as focus stays on US election results"},"content":{"rendered":"<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong>Gold price stays defensive below $2,750 amid a nail-biter US presidential race.<\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong><strong>The US Dollar rebounds sharply as Trump trades return on a likely Republican victory.\u00a0\u00a0\u00a0\u00a0\u00a0<\/strong><\/strong><\/li>\n<\/ul>\n\n\n\n<ul class=\"has-text-color wp-block-list\" style=\"color:#f40307\">\n<li><strong>Technically, Gold price remains a \u2018buy-the-dips\u2019 trade, strong support aligns near $2,715.<\/strong><\/li>\n<\/ul>\n\n\n\n<p>Gold\u00a0price has paused its rebound from multi-day lows early Wednesday, as sellers return on a fresh bout of US Dollar (USD) buying, as the exit polls of the 2024 US presidential election show a lead for the Republican nominee Donald Trump in more than a dozen states, including most of the critical battleground states.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Gold price skittish on US election exit polls<\/strong><\/h2>\n\n\n\n<p>Trump won 14 states in the presidential race while the Democratic nominee Kamala Harris captured four states and Washington, D.C., per Edison Research.<\/p>\n\n\n\n<p>Despite a potential Trump victory, nothing can be decisively said, as there are still plenty of results to come. Additionally, the exit polls in the swing states point too a close call between Trump and the Democratic nominee Kamala Harris.<\/p>\n\n\n\n<p>Still, investors prefer to hold the\u00a0US currency, as conviction grows stronger for a Republican win for the White House. The \u2018Trump trades\u2019 optimism has seeped back into markets, lifting the Greenback alongside the US Treasury bond yields and\u00a0Bitcoin, diminishing the attractiveness of the non-yielding Gold price. US benchmark 10-year Treasury bond yields rise to the highest intraday level since July 3.<\/p>\n\n\n\n<p>Markets believe Trump&#8217;s policies on immigration, tax cuts and tariffs would put upward pressure on inflation, Treasury bond yields and the USD. Gold price is also eventually expected to benefit from Trump trades, as his foreign policies linked to China could trigger market unrest and panic in the medium- to long term.<\/p>\n\n\n\n<p>But in the near term, Gold price will be at the receiving end until the results of the election are finally announced. That said, sentiment around the US election is expected to play a pivotal role in the Gold price action heading into US\u00a0Federal Reserve\u00a0(Fed) policy announcements due on Thursday.<\/p>\n\n\n\n<p>Markets are fully pricing in a 25 basis points (bps) Fed rate cut\u00a0this week\u00a0but the focus will be on the central bank\u2019s path forward on interest\u00a0rates.<\/p>\n\n\n\n<p><em>Follow our live coverage of the market reaction to the US presidential election as counting results start hitting the wires.<\/em><\/p>\n\n\n\n<h2 class=\"wp-block-heading has-vivid-red-color has-text-color has-small-font-size\"><strong>\u0e01\u0e32\u0e23\u0e27\u0e34\u0e40\u0e04\u0e23\u0e32\u0e30\u0e2b\u0e4c\u0e17\u0e32\u0e07\u0e40\u0e17\u0e04\u0e19\u0e34\u0e04\u0e23\u0e32\u0e04\u0e32\u0e17\u0e2d\u0e07\u0e04\u0e33: \u0e01\u0e23\u0e32\u0e1f\u0e23\u0e32\u0e22\u0e27\u0e31\u0e19<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image\"><a href=\"https:\/\/editorial.fxstreet.com\/miscelaneous\/XAU_USD-638664610620006157.png\" target=\"_blank\" rel=\"noreferrer noopener\"><img fetchpriority=\"high\" decoding=\"async\" width=\"1592\" height=\"625\" src=\"https:\/\/www.maxainasia.com\/wp-content\/uploads\/2024\/11\/image-19.png\" alt=\"\" class=\"wp-image-22340\" srcset=\"https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-19.png 1592w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-19-300x118.png 300w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-19-1024x402.png 1024w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-19-768x302.png 768w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-19-1536x603.png 1536w, https:\/\/www.meisheng.asia\/wp-content\/uploads\/2024\/11\/image-19-18x7.png 18w\" sizes=\"(max-width: 767px) 89vw, (max-width: 1000px) 54vw, (max-width: 1071px) 543px, 580px\" \/><\/a><\/figure>\n\n\n\n<p>As observed on the daily chart, Gold price continues its struggle with the key $2,730 demand area as sellers fight back control.<\/p>\n\n\n\n<p>The 14-day Relative Strength Index (RSI) has turned lower to near 59, backing the latest leg down in Gold price.<\/p>\n\n\n\n<p>The leading indicator, however, holds its position above the 50 level, indicating a dip-buying opportunity for Gold buyers.<\/p>\n\n\n\n<p>They need to reclaim&nbsp;the $2,746 resistance on a daily closing basis to resume its uptrend. That level is the 23.6% Fibonacci Retracement (Fibo) level of the latest record rally from the October 10 low of $2,604 to the new all-time high of $2,790.<\/p>\n\n\n\n<p>\u0e40\u0e1b\u0e49\u0e32\u0e2b\u0e21\u0e32\u0e22\u0e02\u0e32\u0e02\u0e36\u0e49\u0e19\u0e16\u0e31\u0e14\u0e44\u0e1b\u0e2d\u0e22\u0e39\u0e48\u0e17\u0e35\u0e48\u0e23\u0e30\u0e14\u0e31\u0e1a\u0e2a\u0e39\u0e07\u0e2a\u0e38\u0e14\u0e40\u0e1b\u0e47\u0e19\u0e1b\u0e23\u0e30\u0e27\u0e31\u0e15\u0e34\u0e01\u0e32\u0e23\u0e13\u0e4c\u0e17\u0e35\u0e48 $2,790.<\/p>\n\n\n\n<p>On the other hand, a sustained move below $2,730 will challenge the 38.2% Fibo support of the same ascent at $2,718. At that level, the 21-day Simple Moving Average (SMA) coincides.<\/p>\n\n\n\n<p>Acceptance below that level on a daily candlestick closing basis could threaten the $2,695 50% Fibo level.<\/p>\n\n\n\n<p>Additional declines will call for a test of the 61.8% Fibo level at $2,673.<\/p>","protected":false},"excerpt":{"rendered":"<p>Gold\u00a0price has paused its rebound from multi-day lows early Wednesday, as sellers return on a fresh bout of US Dollar (USD) buying, as the exit polls of the 2024 US presidential election show a lead for the Republican nominee Donald Trump in more than a dozen states, including most of the critical battleground states. Gold &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.meisheng.asia\/th\/gold-price-forecast-2750-a-tough-nut-to-crack-as-focus-stays-on-us-election-results-20241106\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Gold Price Forecast: $2,750 &#8211; a tough nut to crack, as focus stays on US election results&#8221;<\/span><\/a><\/p>","protected":false},"author":5,"featured_media":17233,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[12],"tags":[],"class_list":["post-22339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-commentary"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/comments?post=22339"}],"version-history":[{"count":1,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22339\/revisions"}],"predecessor-version":[{"id":22341,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/posts\/22339\/revisions\/22341"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/media\/17233"}],"wp:attachment":[{"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/media?parent=22339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/categories?post=22339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meisheng.asia\/th\/wp-json\/wp\/v2\/tags?post=22339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}