XAUUSD Technical Analysis 5th November 2024 1h chart
– Monday Daily candle closed Doji Bullish at 2736.400 as price ranged overall ahead of the US Presidential Election. I’ll be looking for potential Buys above 2740.000 targeting 4h Resistance at 2747.000 Leaving Runners to the next 4h Resistance at 2754.000. I’ll be looking for potential Sells below 2731.800 Targeting 4h Support formed at 2719.300 Leaving Runners to the 4h Rejection formed on 23rd October 2024 around 2709.000. With the U.S. Presidential Election approaching, XAUUSD is likely to experience high volatility and potential price spikes as markets react to election outcomes. The shifting risk sentiment tied to possible policy changes and global economic impact can lead to sharp movements in price action. Traders should be prepared for rapid changes in direction as the election unfolds, creating both challenges and opportunities in the market. Stay alert and manage risk carefully during this period of increased volume!
