Gold Technical Outlook: Bearish Bias Amid Election Volatility

5 nov

Technical Analysis
The price dropped and hit our target perfectly. Today, the market will be influenced by the U.S. election, introducing potential volatility and random movements. Despite this, the overall bias remains bearish.

As long as the price trades below 2749, the bearish trend is likely to persist, targeting 2731. Any sustained move below 2731 could accelerate the decline toward 2720 and 2712. Conversely, a bullish reversal would be confirmed by a break above 2758, opening the path toward 2775.

Bearish Scenario: The price may retest 2749 before resuming its downward trend toward 2731 and 2712. Stability below 2739 reinforces the bearish outlook.

Bullish Scenario: A 4-hour candle close above 2758 would indicate a potential bullish shift, with subsequent targets at 2775 and 2788.

Key Levels:
Pivot Point: 2739
Resistance Levels: 2749, 2758, 2775
Support Levels: 2731, 2712, 2695

Trend Outlook:
Above 2758: Uptrend
Under 2758: Downtrend