Though Donald Trump’s victory in the 2024 presidential election proved a catalyst for an exceptional rally in the stock and cryptocurrency markets, not all assets – or asset classes – were driven into an uptrend.
Gold, the world’s biggest commodity, with a market capitalization exceeding $17 trillion, ended its long-standing rise with the November 6 results and entered a sharp decline, which sent its price from late October highs near $2,800 to the press time price of $2,547.
The drop has been particularly sharp in the last five days of trading, leading to a 5.78% fall.
Gold 5-day price chart. Source: TradingView
Gold’s five consecutive days of decline led to the precious metal breaking the $2,536 mark to a two-month low, as the surge in the dollar weighed on prices. In the process, the commodity crashed below its 100-day moving average (MA), and should it attempt a rebound, it may encounter resistance near $2,580, and further upward movement will test the round
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