24K99 News: During the Asian market session on Wednesday (November 6), the latest news from the US election revealed that Trump's lead further narrowed, causing the US dollar index to significantly retreat from the day's high. Spot gold continued to rise in the short term, with the current price reaching around $2743 per ounce. FXStreet's Chief Analyst Valeria Bednarik wrote an article analyzing the technical prospects of gold.

According to real-time polling data from Fox News, as of now, the Republican presidential candidate Trump has won 232 electoral votes, while the Democratic presidential candidate Harris has won 212 electoral votes.

(Screenshot Source: Fox News)

The US presidential election adopts the Electoral College system. The 50 states allocate electoral votes based on population proportions, with at least 270 out of 538 electoral votes needed to win.

The ICE US dollar index further reduced its intraday gains and is currently near 104.70; earlier, the index had risen to 105.19 at one point. Spot gold has also rebounded significantly from the intraday low of $2730.49 per ounce.

A report from Deutsche Bank stated: 'A Trump victory could lead to an increase in gold prices. In contrast, if Harris wins, gold will face pressure. If the election results remain uncertain for days or even weeks, gold will benefit from the resulting uncertainty.'

Gold has always been seen as a tool to hedge economic and political uncertainties, and it thrives even more in a low interest rate environment. Gold has risen nearly 33% year to date.

Short-term technical outlook for gold

Bednarik wrote that, from the gold daily chart perspective, the gold price continues to develop above its moving average line, with a bullish outlook on the 20-day SMA.Simple Moving Average(SMA) provides dynamic support near $2710 per ounce. The 100-day SMA and 200-day SMA are also trending upwards, although they are far below the shorter-term averages mentioned above. At the same time,technical indicatorsit remains at a positive level with a moderate downward slope, but not enough to confirm another downward trend in the gold price.

Bednarik added that, in the short term, based on the 4-hour chart, the gold price trend tends to be bearish. The price of gold is below the 20-period SMA for puts, while the 100-period SMA for calls provides intraday support at $2724 per ounce. Finally, technical indicators are slightly decreasing below the midline, indicating that sellers currently have control.

(Source: FXStreet)

Valeria Bednarik provides the latest important gold price.Resistanceand resistance levels:

Support levels: $2724.00 per ounce; $2710.00 per ounce; $2698.20 per ounce.

Resistance levels: $2747.75 per ounce; $2760.40 per ounce; $2772.50 per ounce.

At 12:48 Beijing time, spot gold is trading at $2742.81 per ounce.