In the wake of the U.S. election outcome and a rising dollar, the gold and silver markets are facing significant shifts. Investors are closely watching these safe-haven assets, which now find themselves under pressure from fresh economic data and political developments. Today’s report provides in-depth analysis, helping investors stay informed and prepared to navigate this period of heightened volatility.
Gold continues its descent amid a dollar rally triggered by the election results. The price has broken through key Fibonacci support levels, indicating further potential downside. Buyers will need to defend the critical support at $2,641, aligned with the 50-day SMA and the 78.6% Fibonacci retracement. On the upside, any recovery may encounter resistance around $2,700, where the 50% Fibonacci retracement aligns. The Short-Term Stochastic Oscillator is currently at 36, with an RSI of 42, reflecting subdued momentum but potential for a modest recovery.
Silver has also experienced a downturn, with support expected around the $30.66 – $30.33 zone. A break below $31.00 could lead to further losses, potentially targeting the $30.00 level. The RSI is currently at 42, and the Stochastic Oscillator at 21, signalling an oversold condition that might attract short-term buyers.
As economic uncertainties and political changes drive market volatility, gold and silver prices test significant support levels. Gold’s defence at around $2,641 and silver’s support at $30.66 will be key to watch in the coming sessions. These technical levels, coupled with momentum indicators signalling oversold conditions, may present strategic entry points for investors. Staying adaptable and well-informed remains critical as the market reacts to economic developments and policy announcements.