XAU/USD: Gold Stuck in Downtrend Channel
Based on the XAU/USD chart on November 9, gold prices are currently "stuck" in a descending channel, with the 34 and 89 EMA lines forming a strong resistance zone around 2,708 - 2,715 USD/oz. This acts as a "wall," blocking gold’s recovery path, showing that sellers still dominate.
On the downside, the support level around 2,621 USD/oz serves as a temporary "safety net." If gold holds at this level, there may be a slight rebound to test the upper resistance. Conversely, if this "net" breaks, gold could slide further down within the channel.
News factor: Trump's election could push XAU/USD higher due to increased political uncertainty, but it could also pressure prices downward if a stronger USD is expected from positive economic policies.
On the downside, the support level around 2,621 USD/oz serves as a temporary "safety net." If gold holds at this level, there may be a slight rebound to test the upper resistance. Conversely, if this "net" breaks, gold could slide further down within the channel.
News factor: Trump's election could push XAU/USD higher due to increased political uncertainty, but it could also pressure prices downward if a stronger USD is expected from positive economic policies.
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