#USAelection# 24K99 News: On Wednesday (October 6), during the Asian session, spot gold experienced a sharp decline, with the price now falling to around $2702 per ounce, a drop of nearly $42 within the day. The well-known financial news website Economies.com published a new article on Wednesday analyzing the technical outlook for gold for the day.
(Source: 24K99) 15-minute chart for spot gold.
According to Economies.com, as gold falls below $2718.80, the next bearish target for the price is set at $2696.85 per ounce.
Local time on November 6, the US presidential election vote counting is still ongoing. US media estimate that Trump has secured at least 270 electoral votes.
The ICE US Dollar Index has experienced a sharp rise, putting heavy downward pressure on the gold price. The US Dollar Index is currently around 105.25, surging by about 185 points within the day.
According to calculations released by several US media outlets including The Hill, the Republican presidential candidate Trump is projected to secure more than half of the electoral votes, and is expected to clinch victory in this year's US presidential election.
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.
A report from the German Commercial Bank stated: "Trump's victory could lead to a rise in the price of gold. In contrast, if Harris wins, gold will face pressure."
Goldintraday tradingAnalysis
Economies.com wrote in the article that the price of gold is maintained below the key resistance level of $2746.00 per ounce, with the stochastic indicator sending a negative signal, waiting for this factor to drive the gold price to continue its corrective bearish trend in the near future. The next bearish target for the gold price is set at $2696.85 per ounce.
(Spot gold 4-hour chart Source: Economies.com)
Economies.com stated that, looking at the 4-hour chart of gold, the 50-period Exponential Moving Average (EMA) has formed a bearish pressure. Unless the gold price breaks through $2746.00 per ounce and maintains above this level, the bearish expectations will still be valid. If the gold price breaks through $2746.00 per ounce, this will cause the gold price to return to the major bullish track and achieve a new upward trend, with the first target being the historical high of $2789.90 per ounce.
Economies.com expects the gold price to trade today between $2550.00 per ounce and resistance at $2590.00 per ounce.ResistanceBetween $2710.00 per ounce and the resistance of $2765.00 per ounce.
Economies.com stated that today's expected trend for gold prices is bearish.
At 14:44 Peking time, spot gold is reported at $2702.14 per ounce.
