#黄金Technical analysis#24K99讯 In the Asian market on Thursday (November 7), spot gold remained stable after falling sharply yesterday. Currently, the price of gold is around 2,660 US dollars/ounce. FXStreet chief analyst Valeria Bednarik wrote an article analyzing the technical prospects of gold.

Bednarik wrote that former President Trump won the 2024 US presidential election. As a result, the dollar surged on Wednesday, pushing the price of gold to a three-week low. The price of gold hit an intraday low of $2652.29 per ounce during the US trading session on Wednesday.

Bednarik pointed out that currently the price of gold is still trading near Wednesday's low. Despite recent oversold conditions, it is still likely to decline further.

On Wednesday, after Trump was elected President of the United States, investors bought dollars one after another, and the price of gold fell to a three-week low.

Spot gold closed down $84.81 on Wednesday, or 3.09%, to $2658.87 per ounce, the biggest one-day decline in five months.

The market is watching the Federal Reserve's interest rate decision on Thursday to explore further clues about the Fed's easing cycle. This cycle has repeatedly brought gold prices to record highs this year.

At 03:00 Beijing time on Friday, the Federal Reserve will announce the interest rate decision; at 03:30 Beijing time on Friday, Federal Reserve Chairman Powell will hold a monetary policy press conference.

After cutting interest rates by 50 basis points in September, investors generally expect the Federal Reserve to cut interest rates by 25 basis points this time. Investors will be watching for any signs that the Federal Reserve may suspend interest rate cuts in December.

Bednarik said that outsiders generally expect the Federal Reserve to cut the benchmark interest rate by 25 basis points. However, the focus will be on Federal Reserve Chairman Jerome Powell (Jerome Powell)'s views on Trump's return, as anticipated changes in fiscal and monetary policy may have an impact on the US economy.

Short-term technical prospects for gold

Bednarik wrote, fromTechnical sideLooking at it, the daily gold chart shows that bearish pressure has formed.Technical indicatorsAfter crossing the midline into the negative zone, it maintained a downward trend and moved almost vertically downward. Furthermore, the price of gold fell below the bullish 20thsimple moving average(SMA), the EMA is currently around $2,714/oz. The 100-day SMA and 200-day SMA maintained bullish slope far below the current price of gold, suggesting that bulls still have opportunities.

Bednarik added that judging from the 4-hour trend chart, the price of gold seems to have found the bottom of the day. The price of gold plummeted below all of its moving averages, and the 20-period SMA accelerated the decline, but remained above the 100-period SMA and 200-period SMA. As for the longer term moving averages, they have lost their upward strength. Meanwhile, technical indicators have reduced their decline, but they are still extremely oversold.

(4-hour spot gold chart source: FXStreet)

Valeria Bednarik gives the latest important withdrawal priceSupport leveland resistance levels:

Support levels: $2652.25 per ounce; $2638.00 per ounce; $2615.65 per ounce

Resistance levels: $2686.70; $2698.70 per ounce; $2714.90 per ounce

At 11:52 Beijing time, spot gold was reported at 2659.44 US dollars/ounce.