Lingrid | GOLD Pre-Election Weekly MARKET Analysis

Nov 3

XAUUSD market recently bounced off a resistance zone, making a impulse move lower. The last time the market approached the psychological 2700 level, it reached 2685 and then bounced off the resistance zone, spending over three weeks in a sideways move before eventually hitting 2700. With the recent bounce off the resistance zone at 2787, it seems likely that the market could remain in a consolidation zone for now.


With the overall trend being bullish, any pullback could present an opportunity to enter long positions. However, it is important to consider that this upcoming week is an election week, which could lead to unexpected market reactions. Historically, the gold market has seen corrections after every election since 2012, and it is possible that we may see a similar pattern this time around, especially given that there has not been a red month since March. This scenario suggests that the market could spend another couple of weeks moving lower towards the October lows.

On the weekly chart, we also see a long-tailed bar, indicating a potential retest of the 2650 support zone if the price breaks and closes below the previous week's low. With the upcoming presidential election and federal funds rate announcements, it is important to remain vigilant and be prepared for increased volatility and potential market corrections.

Traders, if you liked this idea or if you have your own opinion about it, write in the comments. I will be glad 👩‍💻

Nov 4

Trade active

The price is consolidating today due to a lack of news. I anticipate that the market may continue to move sideways until tomorrow, fluctuating between 2730 and 2750. After that, we could see some volatility. Additionally, there's a possibility that the market may remain sideways until Thursday due to the upcoming Federal Reserve rate cut decision. I expect the market to retest Friday's highs, followed by a bearish movement toward the psychological level. Given the uncertainty in the market this week, it would be wise to remain cautious. My goal is support zone around 2700

Nov 5

Trade active

The market has broken and closed below the upward channel on the 1H timeframe. With today being US election day, we could see some unexpected volatility, therefore be careful this week. Currently, the price action appears to be forming a contraction before a potential expansion. I expect a continuation of sideways movement until economic news is released on Wednesday. The market may retest the channel border and the resistance zone between 2750-2760. If we see a rejection at this level, we can anticipate a bearish move. My goal is support level at 2717

Nov 6

Trade closed: target reached

The gold tested the psychological level