We are practically hours away from the most consequential US presidential election ever. Tuesday November the 5th is the date in which American will be selecting who will be their president for the next four years. Will that be Trump or will that be Kamala Harris sitting in a White House comes January 2025? Now in a sense, the market has already priced in more or less a Trump Victory.
Equity markets in the states are at or near record highs. The dollar is doing well. Gold hit at all-time high just a couple of days ago. And then we have Bitcoin attempting to break out into fresh all-time high as well. All this is telling us the market is favoring a Trump Victory.
And today we're going to spend a little bit of time to talk about gold. On October 31st and last trading day of October, gold traded to a brand new high. The most active December contract for December delivery in comex saw gold traded at $2,801.80 per ounce. A level we have never seen ever before. But by the end of closing on the week, gold has lost $52.60 cents per ounce. What does that mean? Now assuming Trump actually wins the presidential election this week, he is known to be an anti-war and he claims that he can end the war in Ukraine within 24 hours of taking office. Will that be the case? We shall see. And by looking at the price chart maybe we can get some answers.
So we shall dive into it. What we have here is the 4 hours time frame for the micro gold. The currently most actively traded contract is the December contract. As we can see the high traded so far for this contract is $2,801.80, which was registered on uh October 31st. And uh prices has since pull back to as low as $2,741.80 the following day, and by the close of trading for the week, gold prizes has lost $52.60 from the top. And this give rise to the idea that perhaps gold may have hit a temporary top.
This can be seen clearly in the 4 hours time frame, as we have a counter trend now currently in place. And structurally speaking, it does not look complete with have the first target possibly at $2,704.70, and perhaps even lower. The swing low here, at $2,619.30, could be one target. Followed by another at $2,572.50. All these are potential target.
And this once again proves that the market is pricing in a trump Victory. Because Trump is an anti-wall and he has previously claimed that he can stop the war in Ukraine within 24 hours of taking office. And if that been the case, one of the major catalyst for the rise in Gold has been removed. And that is possibly what is playing out right now. As we can see in the gold market.
So this is all I have for you for this week. I will come back to you with more updates in the following week. Bye-bye.
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