As the USD strengthens across the after the US election, commodity prices based on the greenback have been falling. XAU/USD for example fell sharply after an initial shake. XAU/USD Daily Chart 11/14(click to enlarge)Sharp dip vs. key support:- Last week's decline was very sharp and will likely carry momentum into this week.- However, we do see a critical support area coming up.- For example, 50% fibonacci retracement is around 1210.- But anticipating further extension, we should monitor the 1190-1200 area for support.- This area involves a common support from February through May and 1200 is a psychological level.- Look for the RSI to form a bullish divergence as well.- I think we should get a pullback towards at least 1250 from this crtiical support area. Elbow space and 61.8% fibonacci retracement:- If price extends below 1190 without stopping, I would look at the 1170-1175 area for support.- This is the 61.8% fibonacci retracement level and if the market does indeed react here, we can anticipate a bullish swing towards 1250.