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GOLD and GDX Selloff with Trump’s Victory

Written By: ChartChamp

November 6, 2024

GOLD has started to selloff with Trump’s US election victory. The narrative is that Trump will reduce inflation, which is likely to hurt the price of commodities like GOLD and SLV. Prior to Trump’s victory GOLD has been trading in a strong uptrend within the yellow channel. Today GOLD has broken below that channel and could start to break down lower. A weak rebound is forming around $2,652.50. I would monitor the price action over the next few days to see if GOLD continues to show weakness or starts to rebound.

GDX has been trading in a yellow rising wedge pattern, while also trading within a resistance zone between $39.63 and $43.24. On Election Day GDX was holding above $39.63 support, which also aligns with the support of the yellow rising wedge pattern. After Trump’s victory gold started to selloff and GDX has lost support. We are seeing a rebound forming around $37.50, and I would still monitor any Trump news related to inflation and gold. Recently Trump said the US has more gold and oil than any other country.

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