GOLD MARKET ANALYSIS AND COMMENTARY - [Nov 25 - Nov 29]
Last week, gold prices continuously recovered from 2,564 USD/oz to 2,716 USD/oz.
The reason why gold prices increased sharply this week is because investors are concerned that the war between Russia and Ukraine will take a more serious turn when President Biden allows Ukraine to use long-range ATACMS missiles to fire into Russian territory to in response to Russia's deployment of North Korean troops in the Russia-Ukraine war. Besides, Mr. Biden seems to want to make his mark in the Russia-Ukraine war when he only has about 2 months left in power before handing it over to Mr. Donald Trump. In addition, according to many experts, this move by Mr. Biden may complicate the war between Russia and Ukraine, making it difficult for Mr. Donald Trump to end the hostilities as easily as he announced during the campaign. elect US President...
Perhaps most alarming is the nuclear doctrine that Russia emphasizes. It considers any attack by a non-nuclear country supported by a nuclear power to be a joint attack. This means that Ukraine's use of ATACMS missiles also means that the US is directly involved in attacking Russia, making the war between Russia and Ukraine no longer a war between these two countries, but could potentially lead to a world war. War III.
However, according to many experts, the US may only provide a limited number of missiles to Ukraine, fearing the dire consequences of this move. Therefore, the war between Russia and Ukraine is unlikely to drag many other countries, especially NATO member countries, into the war. Furthermore, with only 2 months left until Mr. Trump takes office as President of the United States, the war between Russia and Ukraine will soon subside.
The need for refuge in gold may continue to increase in the short term as Russia and the US are still taking tough stances in the Russia-Ukraine war. Therefore, next week's gold price may continue to rise even higher.
This week, the US announced two important indicators: third quarter GDP and personal consumption expenditure index (PCE) - an important inflation measure of the FED. If Q3 GDP declines and PCE increases, it will be difficult for the FED to resist further reducing interest rates, further supporting the rise in gold prices next week. On the contrary, if GDP increases and PCE decreases, the FED will have more motivation to delay cutting interest rates, causing gold prices next week to be negatively affected.
📌From a technical perspective, on the H4 chart, a head and shoulders pattern is forming, but a few more up/down cycles are needed to confirm. Specifically, if the gold price has a correction phase to around the support level of 2640, then bounces back to break the resistance level of 2711, then it can be expected that the price will continue to maintain its upward momentum above the 2790 threshold. In case of support area If 2600 is broken, it could trigger another sell-off, causing gold prices to fall to around 2500.
Notable technical levels are listed below.
Support: 2,684 – 2,697USD
Resistance: 2,760 – 2,750 – 2,732USD
SELL XAUUSD PRICE 2791 - 2789⚡️
↠↠ Stoploss 2795
BUY XAUUSD PRICE 2639 - 2641⚡️
↠↠ Stoploss 2635
The reason why gold prices increased sharply this week is because investors are concerned that the war between Russia and Ukraine will take a more serious turn when President Biden allows Ukraine to use long-range ATACMS missiles to fire into Russian territory to in response to Russia's deployment of North Korean troops in the Russia-Ukraine war. Besides, Mr. Biden seems to want to make his mark in the Russia-Ukraine war when he only has about 2 months left in power before handing it over to Mr. Donald Trump. In addition, according to many experts, this move by Mr. Biden may complicate the war between Russia and Ukraine, making it difficult for Mr. Donald Trump to end the hostilities as easily as he announced during the campaign. elect US President...
Perhaps most alarming is the nuclear doctrine that Russia emphasizes. It considers any attack by a non-nuclear country supported by a nuclear power to be a joint attack. This means that Ukraine's use of ATACMS missiles also means that the US is directly involved in attacking Russia, making the war between Russia and Ukraine no longer a war between these two countries, but could potentially lead to a world war. War III.
However, according to many experts, the US may only provide a limited number of missiles to Ukraine, fearing the dire consequences of this move. Therefore, the war between Russia and Ukraine is unlikely to drag many other countries, especially NATO member countries, into the war. Furthermore, with only 2 months left until Mr. Trump takes office as President of the United States, the war between Russia and Ukraine will soon subside.
The need for refuge in gold may continue to increase in the short term as Russia and the US are still taking tough stances in the Russia-Ukraine war. Therefore, next week's gold price may continue to rise even higher.
This week, the US announced two important indicators: third quarter GDP and personal consumption expenditure index (PCE) - an important inflation measure of the FED. If Q3 GDP declines and PCE increases, it will be difficult for the FED to resist further reducing interest rates, further supporting the rise in gold prices next week. On the contrary, if GDP increases and PCE decreases, the FED will have more motivation to delay cutting interest rates, causing gold prices next week to be negatively affected.
📌From a technical perspective, on the H4 chart, a head and shoulders pattern is forming, but a few more up/down cycles are needed to confirm. Specifically, if the gold price has a correction phase to around the support level of 2640, then bounces back to break the resistance level of 2711, then it can be expected that the price will continue to maintain its upward momentum above the 2790 threshold. In case of support area If 2600 is broken, it could trigger another sell-off, causing gold prices to fall to around 2500.
Notable technical levels are listed below.
Support: 2,684 – 2,697USD
Resistance: 2,760 – 2,750 – 2,732USD
SELL XAUUSD PRICE 2791 - 2789⚡️
↠↠ Stoploss 2795
BUY XAUUSD PRICE 2639 - 2641⚡️
↠↠ Stoploss 2635
Note
🔴SPOT Gold is $10 higher, now at $2628.40 per ounce.Note
Note
Gold prices are struggling to capitalize on a modest intraday rebound from $2,600 an ounce, or a one-week low, and remained negative for a second straight day on Tuesday.Note
After a drop of nearly 100 USD/oz on Monday, world gold prices changed to a state of struggle on Tuesday in the US market and this morning (November 27) in the Asian market. The ceasefire agreement between Israel and Lebanon reduces the risk premium in gold prices, but the demand for "shelters" still remains at a certain level when the Russia-Ukraine war is still tense.Note
XAUUSD is back in the 2600-2650 range after briefly trading above 2675. However, the price does not emphasize the trend, showing sideways movement.Note
On the occasion of Thanksgiving, the entire US market will take a break today. According to annual practice, tomorrow's trading activities are expected to take place in a quiet atmosphere, possibly even becoming one of the trading sessions with the lowest liquidity of the year in the entire market.Note
Gold reversed the day's decline, from around $2,620 to the top of its daily trading range entering the European session.Note
Gold has recovered in the Asian session this morning, currently fluctuating around 2,660 USD/ounce, up 30 USD compared to the previous session due to the market's concern that geopolitical risks remain tense as the war escalates in Russia. Ukraine. At the same time, the ceasefire between Israel and Hezbollah has not yet taken effect and Israel's retaliatory measures are still increasing tensions.
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🧩Account management
🧩Forex signals have a high win rate
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