Gold prices drop nearly $100 as market adjusts rate cut expectations after U.S. elections

Gold prices fell nearly $100 after the recent U.S. elections, as market expectations for interest rate cuts in 2025 decreased. The market now anticipates only two cuts, down from the Federal Reserve's forecast of four. Technically, gold has broken below a key trendline and is currently in a bearish phase. Sellers are targeting the next support level around $2,600, while buyers hope for a rebound above the trendline to aim for new highs. This week, key economic data releases include the U.S. Consumer Price Index on Wednesday, Jobless Claims on Thursday, and Retail Sales on Friday. These reports may influence future gold price movements.