Market Reactions: The Markets Love President Trump
On July 13, 2024, during a rally in Butler, Pennsylvania, former President Trump survived an assassination attempt, leading to significant market reactions. From the Tokyo session opening on July 14 until July 17, the XAUUSD price surged to 2484, fueled by heightened uncertainty.
Trump's first public appearance since the attempt was his speech at the Republican National Convention on July 18. This event triggered a market response, with the XAUUSD price dropping from 2484 to 2383, a notable $100 decline.
From a technical analysis standpoint, an ascending broadening wedge pattern is forming, indicating a potential trend reversal. Key Fibonacci retracement levels to watch are the 38.20% retracement at 2225 and the 50% retracement at 2146. Additionally, a trendline highlighted in my chart is expected to be tested in the coming days.
These developments highlight President Trump's profound influence on market movements.
Trump's first public appearance since the attempt was his speech at the Republican National Convention on July 18. This event triggered a market response, with the XAUUSD price dropping from 2484 to 2383, a notable $100 decline.
From a technical analysis standpoint, an ascending broadening wedge pattern is forming, indicating a potential trend reversal. Key Fibonacci retracement levels to watch are the 38.20% retracement at 2225 and the 50% retracement at 2146. Additionally, a trendline highlighted in my chart is expected to be tested in the coming days.
These developments highlight President Trump's profound influence on market movements.
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