Gold suddenly plunged in the short term! The price of gold just fell below $2725 to create an intraday low point. How to trade gold?
On Tuesday in the Asian market, spot gold suddenly plummeted in the short term, with the price dropping to $2724.64 per ounce at one point, hitting an intraday low. Analyst Christian Borjon Valencia from FXStreet pointed out that the first support level for the gold price will be the low of $2708 per ounce on October 23rd.
Breaking news in the usa election! Bitcoin plummeted to 67,000 dollars, gold gasped at 2736. Iran is brewing a major retaliatory action...
The USA presidential election in November has begun, with the new york times polls and the S&P 500 index predicting Harris winning, causing a sharp decline in bitcoin, favored by Trump supporters, to drop below 67,000 dollars, followed by a rapid rebound. Iran is preparing for a major retaliatory action launched from Iraq, but gold traded cautiously at $2,736 before the election.
On the eve of the election, Goldman Sachs suddenly made significant adjustments to the "long gold" trade.
Goldman Sachs believes: Without exaggeration, "everyone we've spoken to is long gold," so they have reduced their gold positions to lower risk, "leaning towards holding long positions through options, this way there's enough ammunition to buy on dips."
Too exciting! Trump's trade suddenly abandoned, the US dollar plummeted.
The USA election eve is very exciting! On Monday (November 4th), the US dollar fell as investors reduced bets on Trump winning the US presidential election. At the same time, OPEC+ delayed production increase, causing oil prices to rise.
How to trade gold this week? JPMorgan: No matter who wins, if the gold price pulls back, it's a buying opportunity.
JPMorgan believes that in the long term, gold continues to benefit from the Fed's rate-cutting cycle, central bank purchases, and the global trend of currency devaluation.
Gold price has confirmed the break below the important level! Well-known institutions: Gold price may have nearly $20 more room to fall.
#Gold Technical Analysis# At the end of the Asian session on Monday (November 4th), spot gold was trading near $2737 per ounce.