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Asset Watch
Tuesday, 12 November 2024
Wall Street welcomed Donald Trump’s election victory with optimism, and investors began to factor in the policy promises he made during his campaign. As a result, several indices hit all-time highs, with the S&P 500 surpassing the 6000 mark and the NASDAQ breaking above 21000, largely due to Trump’s proposal to cut corporate taxes from 21% to 15%.
The U.S. dollar also strengthened, with the Dollar Index (DXY) surging to a multi-month high, approaching the 106.00 level. Consequently, gold prices dropped nearly 5% since election day.
Investors are now awaiting results for the House of Representatives, where Republicans have so far secured 215 of the 435 seats, just three short of the majority Trump needs to advance his agenda, particularly tax cuts. The vote count is expected to continue until the end of this week.
Chart Source: ADSS Platform
On November 6, gold prices broke below the bullish trendline originating from the August 5 low, signaling the end of the upward trend. By the close of last week, prices had also fallen below the 50-day simple moving average, marking the start of bearish sentiment as the price tested a multi-week low and slipped below the 2600 level.
A daily close below the low end of the current trading zone, between 2600 and 2685, could lead to a further decline toward 2480. In this scenario, support at 2531 should be closely monitored. Conversely, if prices fail to close below 2600, it may indicate weakening bearish momentum, potentially prompting a reversal toward the high end of the current trading zone.
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