Gold
With Trump’s victory, the dollar index surged past 105, reaching a four-month peak. Gold tumbled nearly $85 during the day, closing down 3.1% at $2,659.56 per ounce, marking its largest one-day drop since June 7.
Trump’s win led to a strong dollar rebound as markets anticipated his policies on immigration, taxes, and trade could stimulate U.S. growth and inflation. StoneX analyst Rhona O’Connell noted that Trump’s win eliminated some uncertainty and boosted the dollar, resulting in gold’s decline.
Trump’s presidency also suggests the Fed may not cut rates as aggressively as expected. Bank of America believes fiscal expansion under Trump could raise the Fed’s neutral rate forecast, and any large tariff increases could pause rate cuts due to inflation and growth concerns.
The market now awaits the Fed’s November rate decision and Powell’s press conference, set for Friday early morning Beijing time. Today, investors are also watching initial U.S. jobless claims and further analysis of Trump’s victory impact.
Gold Technical Analysis:
Gold experienced a sharp drop, stabilizing around the $2,700 level before a short-lived rebound and later closing weak near $2,652. Technical indicators point to a bearish outlook, with increased selling pressure above $2,730.
Today’s Focus:
- Resistance: $2,680-$2,685
- Support: $2,650-$2,645
English 
Chinese