GOLD → The SMAs are hinting that it's about time ... News!

is forming a phase of correction, the reason for which is the change of fundamental background. The pressure from sellers is increasing, and the market is forming a key support at this time...

GOLD → Background Change. Is it time for a correction?

Disappointing NFP data was offset by hot wage inflation data. The U.S. labor market report failed to deter dollar buyers as it had limited impact on market pricing in Fed meeting expectations. Which had a negative impact on the price of gold...
All eyes are now on the US presidential election on November 5, and the outcome of the Fed meeting on Thursday. Markets believe that Trump's policy will put upward pressure on inflation, bond yields and the dollar, while if Harris wins, the dovish policy will continue.
Technically, traders are taking a wait-and-see approach. The price is forming a range, and most likely gold will trade inside this channel in the near term

Resistance levels: 2745, 0.5 and 0.7 Fibo, 2758
Support levels: 2731, 2724, 2713

SMAs are tending towards each other, which could be a mixed reaction from traders. Markets are prioritizing a Republican victory, in fact, this could intensify gold's correction. But the denouement of the presidential race is tomorrow! For now, the focus is on the flat boundaries!

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

Trade closed: target reached

Target 1 (2724) reached!

Trade closed: target reached

All targets reached!

RLinda

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