Gold (XAUUSD) continues to correct, trading below 2,670 USD

XAUUSD prices remain within a correction following Donald Trump’s victory in the US election. The asset attempted to reverse upwards from the 2,643 USD support level but is now declining again. More details in our XAUUSD analysis for today, 11 November 2024.

XAUUSD forecast: key trading points

• Market focus: market participants are awaiting US inflation data this week, with the release of the Consumer Price Index (CPI) and Producer Price Index (PPI).
• Current trend: a downward movement is underway
• XAUUSD forecast for 11 November 2024: 2,643 and 2,700

Fundamental analysis

XAUUSD quotes continue to decline within a local correction. Gold’s weakening is due to the growth of the US dollar, which was strongly supported by Donald Trump’s victory in the US presidential election. Once the correction is over, the asset will likely continue to rise.

This week, the market will focus on US inflation indicators, particularly the CPI and PPI. Weaker-than-forecasted statistics would exert pressure on the USD and support a strengthening of Gold. Conversely, more robust data would bolster the US dollar and could further decline XAUUSD prices.

XAUUSD technical analysis

On the H4 chart, the XAUUSD pair shows a downward movement, exiting the boundaries of an ascending trend channel. Last week, the asset’s prices reached the 2,700-2,710 USD resistance area, which coincided with the lower boundary of a price channel. However, they failed to break through it and reversed downwards.

The short-term XAUUSD price forecast suggests that prices could decline further to the 2,600-2,605 USD area if bears push the quotes below the 2,643 USD support level. Conversely, if bulls regain control and secure a position above 2,710 USD, prices may return to an all-time high of 2,790 USD.

Summary

Gold continues to decline amid the rise of the US dollar, bolstered by Donald Trump’s victory in the US presidential election. Market participants will be focused on US inflation data this week, with the release of the Consumer Price Index (CPI) and Producer Price Index (PPI).