Gold Daily | Spot Gold Declines Amid Strong Dollar and Post-Election Adjustments; Eyes on $2,600 Support
Generated by AI AgentAinvest Market Brief
Monday, Nov 11, 2024 7:00 am ET1min read
【Latest Gold Price and Recent Trends】
Spot gold is down 0.5% to around $2,670, continuing its second consecutive day of decline amid a strong U.S. dollar and post-election market adjustments. Trump's election victory has led to expectations of higher tariffs and fewer rate cuts, weighing on gold prices.
【Technical Analysis】
Gold has breached major trendlines on daily and hourly charts, with sellers targeting the $2,600 support level. RSI indicators suggest potential further declines unless the price reclaims broken trendlines for a bullish outlook.
【Market Sentiment and Economic Background】
The U.S. dollar strengthened on optimism for Trump's corporate tax cuts, reducing gold's allure. Economic data releases, like the U.S. CPI and Fed speeches, will provide insights into future policy directions. A 25-basis-point rate cut by December is anticipated by 65% of traders.
【Analyst Opinions】
Analysts highlight the dual role of Trump's policies, potentially spurring inflation and trade tensions, which could intermittently support gold. However, the strong dollar and high treasury yields currently pressure gold prices. Caution is advised as market sentiment is highly reactive to ongoing economic data and Fed communications.
Spot gold is down 0.5% to around $2,670, continuing its second consecutive day of decline amid a strong U.S. dollar and post-election market adjustments. Trump's election victory has led to expectations of higher tariffs and fewer rate cuts, weighing on gold prices.
【Technical Analysis】
Gold has breached major trendlines on daily and hourly charts, with sellers targeting the $2,600 support level. RSI indicators suggest potential further declines unless the price reclaims broken trendlines for a bullish outlook.
【Market Sentiment and Economic Background】
The U.S. dollar strengthened on optimism for Trump's corporate tax cuts, reducing gold's allure. Economic data releases, like the U.S. CPI and Fed speeches, will provide insights into future policy directions. A 25-basis-point rate cut by December is anticipated by 65% of traders.
【Analyst Opinions】
Analysts highlight the dual role of Trump's policies, potentially spurring inflation and trade tensions, which could intermittently support gold. However, the strong dollar and high treasury yields currently pressure gold prices. Caution is advised as market sentiment is highly reactive to ongoing economic data and Fed communications.
Market Watch column provides a thorough analysis of stock market fluctuations and expert ratings.
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PROEditorial Disclosure & AI Transparency: Ainvest News utilizes advanced Large Language Model (LLM) technology to synthesize and analyze real-time market data. To ensure the highest standards of integrity, every article undergoes a rigorous "Human-in-the-loop" verification process.
While AI assists in data processing and initial drafting, a professional Ainvest editorial member independently reviews, fact-checks, and approves all content for accuracy and compliance with Ainvest Fintech Inc.’s editorial standards. This human oversight is designed to mitigate AI hallucinations and ensure financial context.
Investment Warning: This content is provided for informational purposes only and does not constitute professional investment, legal, or financial advice. Markets involve inherent risks. Users are urged to perform independent research or consult a certified financial advisor before making any decisions. Ainvest Fintech Inc. disclaims all liability for actions taken based on this information. Found an error?Report an Issue
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