The financial markets are watching Gold, Bitcoin, and US dollar movements closely before the November 5 presidential election. October’s employment report showed only 12,000 new jobs instead of the expected 106,000, and the unemployment rate stayed at 4.1%. These mixed signals have caused sharp price movements across key assets.
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Market Volatility During Election Week: Gold, Bitcoin, and USD Insights
Gold Technical Patterns Signal Correction
Gold has hit resistance at $2,790. Technical signs show a likely price correction coming. Gold moves inside an ascending channel. The support level sits at $2,690. The price pulled back from high levels after Friday’s jobs report.
RSI readings suggest the metal is oversold. The channel pattern remains strong, indicating a key time for watching the gold trends.
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Bitcoin’s Price Action at Critical Levels
Bitcoin broke out of a descending wedge pattern, which was strengthened by a double-bottom formation. The cryptocurrency found support at $67,500. The 50-day average crossed above the 200-day line, creating a golden cross.
The 4-hour chart shows prices consolidating near the channel midpoint. $68,000 acts as key resistance. Election week has brought bigger price swings to the cryptocurrency markets.
USD Index Responds to Market Forces
The US Dollar Index bounced strongly from 103.90 after the jobs report. Trading started Monday with a price gap due to election uncertainty. A symmetrical wedge pattern indicates more market volatility before the Fed meeting on November 7.
The price action near the 200-day average shows strong buying interest. RSI suggests more upside is possible in these volatile times for gold and other key assets.
Election Week Market Implications
The presidential election and Fed meetings are creating unusual conditions in financial markets. Trading volume is up across gold, Bitcoin, and the US dollar. Big investors are positioning for possible sharp moves. Technical patterns show these assets react strongly to political news. Support and resistance levels face more tests than usual during this election week market volatility.
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