Gold is above EMA200 and EMA50 in the 4H timeframe and is moving in its ascending channel. If the decline continues due to the release of economic data today, we can see demand zone and buy within that zone with a suitable risk reward. If the upward trend continues, it is possible to sell gold short-term within the specified supply zone.
Gold prices have surged significantly, reaching new records as the U.S. elections, a major and risky event, draw closer. It is expected that if the results deviate from expectations, particularly with a victory by Republican candidate Donald Trump, market reactions could intensify. This month, gold prices have risen by 5%, and since the start of the year, they have increased by 34%, ranking second only to silver, which has grown by 42.3%. These price increases have raised concerns about the sustainability of these gains and the potential for reaching a price peak.
Bloomberg reported that the U.S. jobs report for October is anticipated to show that the unemployment rate has remained stable, although storms and strikes have temporarily impacted hiring. It is estimated that the Non-Farm Payrolls (NFP) will drop to 105,000, down from the 254,000 increase in September. The range of expectations is quite broad, from a decline of 10,000 to an increase of 180,000. This report could complicate future decision-making for the Federal Reserve.
A stock market-based prediction model indicates a nearly 70% likelihood of forecasting the winner of the U.S. election. This model leverages a historical trend where the ruling political party’s chances of victory are reflected in the annual performance of the Dow Jones Index, boasting an exceptionally high statistical accuracy of 99%.
According to this model, when the Dow Jones Index has improved over the year, the incumbent political party has a better chance of winning. In this scenario, the incumbent party would refer to Kamala Harris, giving her a 69% chance of victory.
Based on this predictive model, stock market performance serves as an effective indicator for gauging the incumbent party’s chances of winning. The model points to the historical trend that if the Dow Jones Index has risen during the year, it suggests greater public confidence and a healthier economic condition, which benefits the ruling party.
Regarding gold, factors such as global macroeconomic conditions, the state of the U.S. dollar, and Federal Reserve policy decisions also influence its price. While markets await the jobs report and election results, analysts believe gold will remain attractive as a safe-haven asset during periods of political and economic uncertainty. Thus, if economic data falls short of expectations or political tensions increase, there is potential for further gold price gains.
However, experts warn that if prices rise excessively, a potential correction could follow. Investors will closely monitor the factors influencing the global economy and monetary policies to make the best decisions for investing in gold.
Gold prices have surged significantly, reaching new records as the U.S. elections, a major and risky event, draw closer. It is expected that if the results deviate from expectations, particularly with a victory by Republican candidate Donald Trump, market reactions could intensify. This month, gold prices have risen by 5%, and since the start of the year, they have increased by 34%, ranking second only to silver, which has grown by 42.3%. These price increases have raised concerns about the sustainability of these gains and the potential for reaching a price peak.
Bloomberg reported that the U.S. jobs report for October is anticipated to show that the unemployment rate has remained stable, although storms and strikes have temporarily impacted hiring. It is estimated that the Non-Farm Payrolls (NFP) will drop to 105,000, down from the 254,000 increase in September. The range of expectations is quite broad, from a decline of 10,000 to an increase of 180,000. This report could complicate future decision-making for the Federal Reserve.
A stock market-based prediction model indicates a nearly 70% likelihood of forecasting the winner of the U.S. election. This model leverages a historical trend where the ruling political party’s chances of victory are reflected in the annual performance of the Dow Jones Index, boasting an exceptionally high statistical accuracy of 99%.
According to this model, when the Dow Jones Index has improved over the year, the incumbent political party has a better chance of winning. In this scenario, the incumbent party would refer to Kamala Harris, giving her a 69% chance of victory.
Based on this predictive model, stock market performance serves as an effective indicator for gauging the incumbent party’s chances of winning. The model points to the historical trend that if the Dow Jones Index has risen during the year, it suggests greater public confidence and a healthier economic condition, which benefits the ruling party.
Regarding gold, factors such as global macroeconomic conditions, the state of the U.S. dollar, and Federal Reserve policy decisions also influence its price. While markets await the jobs report and election results, analysts believe gold will remain attractive as a safe-haven asset during periods of political and economic uncertainty. Thus, if economic data falls short of expectations or political tensions increase, there is potential for further gold price gains.
However, experts warn that if prices rise excessively, a potential correction could follow. Investors will closely monitor the factors influencing the global economy and monetary policies to make the best decisions for investing in gold.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.