Gold weekly analysis , trade ideas and 10 Nov.

10 нояб.

Gold prices are declining due to US dollar strength post-election results, with potential support around 2600.

Highlights

📉 Gold’s recent bullish move reversed after election results.
💵 Strong US dollar influences gold’s downward trend.
🔍 Weekly time frame shows signs of weakness in gold.
📊 Fibonacci analysis indicates potential support at 2600.
🔄 Market structure shift suggests bearish sentiment in gold.
📅 Upcoming economic events may impact market volatility.
📈 DXY exhibits bullish momentum, affecting gold and other currencies.

Key Insights

📉 Gold’s Bearish Outlook: Following a significant rise, gold is showing signs of weakness, suggesting a bearish trend ahead with targets around 2600. This aligns with market expectations of higher interest rates.

💵 Impact of DXY Strength: The US dollar index (DXY) has gained strength post-election, influencing gold’s price negatively. A bullish DXY typically indicates lower gold prices due to inversely correlated movements.

🔍 Technical Analysis on Gold: The weekly chart reveals a potential bearish structure, with key Fibonacci levels indicating support at 2600, providing insights into possible price corrections.
📊 Market Sentiment Shift: A market structure shift identified on the 4-hour chart signals bearish sentiment, highlighting the importance of key resistance levels for future price movements.

📅 Upcoming Economic Events: The week ahead appears calm with minimal economic data, but upcoming CPI and retail sales reports could introduce volatility, affecting both gold and the dollar.


📈 DXY’s Continued Strength: The bullish trend in DXY is expected to persist unless significant market changes occur. This could further pressure gold prices and other currencies negatively.