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Gold faced strong selling pressure today, dropping to the key level of $2,700—its nearly three-week low—within an hour before the European session.
The Republican candidate, Donald Trump, leads in the U.S. presidential race and is likely to become the 47th President of the United States. This development triggered aggressive selling of the yellow metal and a sharp rally in the U.S. dollar.
Additionally, concerns over deficit spending and expectations for less aggressive monetary easing by the Federal Reserve pushed U.S. Treasury yields higher, contributing to divestment from gold.
Technical Analysis
The $2,725–$2,720 level continues to act as immediate strong support. A break below this region could accelerate the decline, potentially testing levels below the key $2,700 level. This level aligns with the lower boundary of the short-term upward trend channel, extending from late July into early August. A decisive break below this threshold would pave the way for a deeper correction from the recent all-time high reached last week, likely dragging the XAU/USD pair toward the next significant support zone around $2,675.
On the other hand, the $2,750 level now serves as the immediate hurdle. A move above this level could lift the price to the next barrier at $2,790 or the all-time high reached last month. Beyond this, the key $2,800 level is expected to act as a critical pivot point. Sustained strength beyond this threshold would set the stage for resuming the well-established upward trend.
Market Sentiment
Adding to the pressure, the risk-on sentiment—evidenced by a strong rally in U.S. stock futures—indicates that gold, as a safe-haven asset, faces a downward path of least resistance.
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