Gold Technical Analysis – Is this the beginning of a bigger pullback? ...Middle East

Fundamental OverviewGold is trading lower today as Trump got elected President of the US. The Republicans won the Senate, and they just need the House now to get a red sweep. That is the most bearish scenario for gold in the short-term as it would make the tax cuts easier to pass which should lead to higher growth and less rate cuts expectations. As of now, the probabilities are in favour of the Republicans. Given the above and the strong US data we keep on getting, the Fed might start to change its stance, and we could see a much earlier than expected pause in 2025. Gold Technical Analysis – Daily TimeframeOn the daily chart, we can see that gold bounced near the major trendline as the buye

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