Gold Prices Plummet Today (November 12)
Global gold prices have dropped significantly, mainly due to the strong rise of the US dollar and an increasing willingness among investors to take on risk. The primary reason is that the market is expecting a cautious policy stance from the Federal Reserve under the leadership of President-elect Donald Trump, which has boosted investor confidence in economic stability and reduced the demand for gold as a safe-haven asset.
Looking at the technical chart, the EMA 34 and EMA 89 lines have not shown any signs of reversal, indicating that the downward trend in gold prices is still intact. Currently, the nearest resistance is at 2,706, while solid support is at 2,609. If gold continues to face selling pressure at the resistance zone, the likelihood of a deeper decline towards the support level at 2,609 is quite high. There is even a chance that gold could break through this support level if it revisits the resistance at 2,661.
Will gold prices continue to fall, or will there be a reversal in the future? What do you think?
Looking at the technical chart, the EMA 34 and EMA 89 lines have not shown any signs of reversal, indicating that the downward trend in gold prices is still intact. Currently, the nearest resistance is at 2,706, while solid support is at 2,609. If gold continues to face selling pressure at the resistance zone, the likelihood of a deeper decline towards the support level at 2,609 is quite high. There is even a chance that gold could break through this support level if it revisits the resistance at 2,661.
Will gold prices continue to fall, or will there be a reversal in the future? What do you think?
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