Gold Forecast Today - 7/11: Gold Drops Post-Elex (Chart)
Date
11/7/2024 2:37:08 PM
(MENAFN- Daily Forex) During my analysis of the commodity markets, the Gold market has stood out as we have seen this market plunge quite drastically, there are a lot of things that could be read from this chart, not the least of which would be the fact that the gold market may be trying to get rid of some of the \u0026ldquo;fear trade\u0026rdquo; that had previously been so important all, the United States just had a major election, and the president that they elected is the only one over the last 50 years that did not start a new conflict. In other words, it looks like the Americans are voting for peace. Top Forex Brokers 1 Get Started 74% of retail CFD accounts lose money Read Review BrokerGeoLists({ type: \u0027MobileTopBrokers\u0027, id: \u0027mobile-top-5\u0027, size: 5, getStartedText: \u0060Get Started\u0060, readReviewText: \u0060Read Review\u0060, Logo: \u0027broker_carrousel_i\u0027, Button: \u0027broker_carrousel_n\u0027, });Obviously, we cannot tell the future as far as geopolitics are concerned, but it certainly looks as if traders are trying to focus on that. Furthermore, we also have to keep in mind that the US dollar has strengthened quite drastically, due to the fact that the US economy should go ripping to the upside overall. Quite frankly, a trump administration is going to unleash the massive amount of energy that the United States currently sits on an example, the United States has enough proven reserves of natural gas to power the entire planet for at least 350 years. In other words, the United States is a much bigger powerhouse than we have seen over the last several years Trend Still RemainsDespite the fact that this is a market that has completely fell apart during the trading session on Tuesday, the reality is that I still like gold. There are a lot of different things going on around the world that could come into the picture to pick up gold. I do think that although the US economy is probably going to strengthen quite rapidly due to the energy sector and deregulation, the reality is that the United States will spend a ton of money. This was always the case regardless of who won the elections. The Americans will still be profligate in their spending, so that should help gold over the longer term. EURUSD Chart by TradingView The 50 Day EMA underneath offers quite a bit of support from a technical analysis standpoint, just as the $2600 level underneath that will offer significant support. If we break down below there, then we have to look at things from a different perspective, but at this point it\u0026rsquo;s likely that we will see a bounce between now and then.
MENAFN07112024000131011023ID1108862854
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.