Towards the end of today's United States (US) election vote count, Donald Trump dominates to confirm victory over his challenger Kamala Harris.
The initial effect is seen to affect the slow gold trading in the Asian session before starting to display more aggressive movements in the European session.
This is added to the pressure by the increasingly significant strengthening of the US dollar which has started showing its increase in value since the beginning of the Asian session.
On the XAU/USD chart which measures the value of gold against the US dollar, the price of gold has been flat since the beginning of the week, hovering in the range between 2730.00-2750.00.
The horizontal movement continued into the Asian session this morning before the price of gold finally plummeted to around 2700.00.
However, the price then bounced back to the level of 2730.00 showing that the price movement is still uncertain.
The bearish trend of the gold price continues after the dive started last week from its record high of 2790.00 that was successfully achieved.
With the expectation for a further drop lower after this is towards the 2670.00 focus zone.
It is expected that there will be an interesting reaction when the price stops around that which can give new clues to investors.
Meanwhile, for the expectation of an increase in the price of gold, passing the level of 2750.00 which is seen as an obstacle during the price at the beginning of the week will push the price towards 2770.00.
Having successfully surged higher, gold prices have the potential to break new record highs.
