XAUUSD Technical Analysis 6th November 2024 1h chart
– Tuesday Daily candle closed Bullish at 2743.600 as price continues to range on the higher timeframe prior to US Election. I’ll be looking for potential Buys above 2747.000 targeting Hourly Resistance formed at 2756.400 Leaving Runners to the Hourly previous Support formed on 29th October 2024 around 2764.000. I’ll be looking for potential Sells below 2737.800 targeting 4h Strong Support formed at 2731.600 Leaving Runners to the 4h Rejection formed at 2724.600. 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!
