XAUUSD//Fed will announce interest rate decision

Nov 7, 2024

🔶Yesterday, after the election results became clear, the price of gold fell sharply, falling rapidly from the daily high of 2748 to the 2650 area, a drop of more than 100 points, showing a change in the market's dominant sentiment. With the retracement after yesterday's sharp drop, the early bullish trend has been clearly broken. Currently, bearish sentiment dominates the market, and the market is in a weak downward trend, with the lowest intraday touch of 2643 points. Usually after large fluctuations, the market will have a certain degree of continuity, but you need to be alert to possible rebound repairs.

🔶Judging from the daily chart, the bullish trend of gold has been reversed, and the price has returned to the previous adjustment range. The key resistance level above is located at 2685. If the rebound to this area is blocked, the bears are expected to continue to exert downward force. The support below is focused around 2605, which is the main short-term downside target.

🔶The 4-hour chart shows that there was no significant rebound after yesterday's sharp decline. It is currently only in a weak adjustment stage, and continued to be under pressure after rebounding to a maximum of 2678. The short-term trend shows a structure of continuously lowering lows, reflecting the weak pattern of the market.

🔶In the 1-hour chart, gold prices encountered resistance after rebounding, and the center of gravity shifted downward again. The short-term lower support level is focused on 2650. If it falls below, the downward trend may continue to 2635. The main short-term upper resistance levels are 2678, 2669, and 2660. These points will suppress the rebound.

🟢Short-term trends and operating ideas
At present, the short-term trend continues yesterday's short sentiment. Although there is the possibility of a technical rebound and repair, the overall trend is to further test support downwards. In terms of operation ideas, it is recommended to sell short when it rebounds to the key resistance level and keep operating with the trend. It is recommended to enter a short position when the gold price rebounds to the resistance range of 2665-2660. The lower target is the support range of 2647-2643. If the price continues to fall, further attention can be paid to the support effect of the 2630-2635 range.

Nov 7, 2024

Trade active

Gold Trading Strategies, November 7

🎯Strategy 1: Gold Sell 2667-2670, SL 6-8$, TP 2640-2620, Breaking position looks to 2605 line✅

🎯Strategy 2: Gold Buy 2600-2605 , SL 6-8$, TP 2615-2625, Breaking position looks to 2640 line✅

⚠️The trend of the gold market may change rapidly, and the trading strategy may be adjusted in real time. Investors are advised to place orders carefully and manage account funds and position reasonably. If you have no sufficient confidence in the transaction, you can contact me at any time, and I will be patient with a professional perspective to provide you with guidance, and strive to help you achieve long -term and stable benefits.