Financial markets closely monitor Gold, Bitcoins, and US dollars before the 5th November presidential election. The October employment report revealed only 12,000 jobs, instead of 106,000 expected. And the unemployment rate was still at 4.1%. This mixed signal has caused price fluctuations across key assets.
You may also like: 750 Convenience Stores in the US Accept Cryptocurrencies & Stablecoins
Market volatility during election week: gold, Bitcoins, and USD insights
The Gold Patterns of Signal Correction
At $2,790 gold has reached resistance. The technical signs indicate that a price correction may be coming. Gold is moving within an ascending trend channel. Support is at $2 690. Price dropped after the Friday jobs report.
RSI values suggest that the metal has been oversold. This channel pattern is still strong and indicates that it’s a good time to watch gold trends.
You may also like: How High Bitcoin(BTC) May Pump If Trump Wins The US Elections?
Bitcoin Price Action Critical at Current Levels
Bitcoin has broken out from a wedge-shaped pattern that was bolstered by the double bottom formation. Cryptocurrency found support around $67,500. The golden cross was created when the 50-day moving average crossed over to 200-days.
Prices are consolidating around the midpoint of the channel on this 4-hour chart. The $68,000 level is a key resistance. The cryptocurrency market has seen a greater price volatility during the election week.
USD Index Reacts to Market Forces
After the employment report, the US Dollar Index jumped sharply from 103.90. The price gap in Monday’s trading was due to the uncertainty surrounding elections. The symmetrical wedge pattern suggests more volatility in the market before the Fed’s meeting on November 7th.
Price action close to the 200-day moving average indicates a strong interest in buying. RSI indicates that gold, and other assets in volatile markets like these, could see more gains.
Election Week Market Impact
Market conditions are unusual due to both the Presidential election and Fed meeting. The trading volume of gold, Bitcoin and US dollars is increasing. Large investors are getting ready for possible big moves. The technical pattern of these assets shows that they are highly reactive to political events. During this volatile election week, support and resistance levels are being tested more than normal.
You may also like: Top 3 Stocks to Buy Now If Kamala Harris Wins the Election
“This article is not financial advice.”
“Always do your own research before making any type of investment.”
“ItsDailyCrypto is not responsible for any activities you perform outside ItsDailyCrypto.”
Source: watcher.guru
