Our mission is to help you obtain financial freedom. Checkout Our Youtube Channel Checkout Our Youtube Channel
Blog

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.

Follow me on social media: https://linktr.ee/realchartchamp

0 Comments
Inline Feedbacks
View all comments

More ClearValue Insights

Why I’m Investing in Silver Right Now

Let’s be honest—most people don’t wake up thinking about silver. But after diving deep into the numbers, I believe we’re sitting on one of the most overlooked investment opportunities of our time. With inflation eating away at savings, stock markets hitting new highs daily, and global uncertainty everywhere you look, investors are scrambling to find […]

Read More
Default Thumbnail

URA Continues to Trade Into Resistance

URA has been trading within a range between $18.41 and $32.61. There is resistance at the red trendline, and URA continues to make more attempts to break through this $32.61 resistance level. I think there will be a bullish breakout eventually, for now I would monitor $32.61 for a breakout or continued rejections. Follow me […]

Read More
Default Thumbnail

SLV Approaching $27.29 Support

SLV has formed a correction, and is approaching a $27.29 support level. I think $27.29 needs to hold otherwise SLV can trend down to the red trendline around $22.55. GOLD has been more bearish relative to SLV so I think there’s hope of $27.29 holding for now. Follow me on social media: https://linktr.ee/realchartchamp

Read More

Why I’m Investing in Silver Right Now

Let’s be honest—most people don’t wake up thinking about silver. But after diving deep into the numbers, I believe we’re sitting on one of the most overlooked investment opportunities of our time. With inflation eating away at savings, stock markets hitting new highs daily, and global uncertainty everywhere you look, investors are scrambling to find […]

Read More
Default Thumbnail

URA Continues to Trade Into Resistance

URA has been trading within a range between $18.41 and $32.61. There is resistance at the red trendline, and URA continues to make more attempts to break through this $32.61 resistance level. I think there will be a bullish breakout eventually, for now I would monitor $32.61 for a breakout or continued rejections. Follow me […]

Read More
Default Thumbnail

SLV Approaching $27.29 Support

SLV has formed a correction, and is approaching a $27.29 support level. I think $27.29 needs to hold otherwise SLV can trend down to the red trendline around $22.55. GOLD has been more bearish relative to SLV so I think there’s hope of $27.29 holding for now. Follow me on social media: https://linktr.ee/realchartchamp

Read More