Gold Price Today (Nov 9): Reversal and Decline
On Friday, gold prices recorded a sharp decline, marking the biggest weekly drop in over five months. This decline was primarily driven by two main factors: the strength of the US dollar and expectations surrounding US interest rates, particularly in light of the potential re-election of Republican candidate Donald Trump. The strengthening of the greenback created downward pressure on gold, which typically suffers when the US dollar appreciates. At the same time, expectations that the Federal Reserve (Fed) may maintain high interest rates for an extended period to control inflation also added pressure on the gold market, causing investors to shift towards assets with higher yields.
Gold prices reversed course, registering a decrease of 24.2 USD, falling to 2,684.6 USD per ounce for spot gold. According to technical analysis, the resistance level at 2,706 prevented further gains, leading to a drop toward the support level at 2,685. If this downward trend continues, gold may test the previous support level at 2,648, and the possibility of breaking through this level cannot be ruled out.
As we head into the new week, it remains uncertain how gold prices will behave. Will they rise or continue to decline?
Gold prices reversed course, registering a decrease of 24.2 USD, falling to 2,684.6 USD per ounce for spot gold. According to technical analysis, the resistance level at 2,706 prevented further gains, leading to a drop toward the support level at 2,685. If this downward trend continues, gold may test the previous support level at 2,648, and the possibility of breaking through this level cannot be ruled out.
As we head into the new week, it remains uncertain how gold prices will behave. Will they rise or continue to decline?
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