Analysis of today's market

Gold plunged to a three-week low below $2700 a troy ounce on Wednesday after the 2024 US Presidential election. The Republican candidate, former President Donald Trump, won the contest, bolstering the Greenback and US Treasury bond yields. Therefore, the XAU/USD posted losses of over 2.50% and traded at $2,667 at the time of writing.

The uncertainty among traders has finally eased with Trump's eventual victory. Additionally, the Republicans completed a sweep, gaining a majority in the Senate and controlling the House of Representatives.

Gold hovered around 2758, with the highest point reaching near 2764 and the lowest dipping close to 2743 as of press time. Keep an eye on the resistance levels at 2680-2690-2700; if these are not breached, gold may test the support levels at 2640-2630-2620.