XAUUSD Analysis
Trump's Victory Sparks a USD Rally
The victory of Donald Trump in the U.S. presidential election has triggered a strengthening rally in the USD. Gold prices fell by more than 3%, reaching a three-week low. The market is now looking ahead to the upcoming Fed interest rate decision, where a 25-basis-point rate cut is expected early Friday.
Bearish Pressure Persists
On the H1 timeframe, the price remains under bearish pressure. Thus, the intraday bias continues to be bearish for today.
Forecast: Weak XAUUSD
Trade Plan:
- Sell Area: 2652.52 - 2632.00
- Stop Loss: 2681.96
- Take Profit 1: 2605.14
- Take Profit 2: 2566.82
- Take Profit 3: 2528.69