GOLD MARKET ANALYSIS AND COMMENTARY - [Nov 11 - Nov 15]
Last week, after opening at 2,738 USD/oz, gold prices increased slightly to 2,749 USD/oz, but then dropped sharply to 2,643 USD/oz after Donald Trump announced his re-election as President. America. In the next trading session, gold price recovered to 2,710 USD/oz when the FED announced to continue cutting interest rates by 0.25%. However, the recovery momentum of gold prices was not sustainable, gold prices quickly dropped to 2,680 USD/oz and closed this week at 2,684 USD/oz.
The reason why Donald Trump's re-election as US President caused gold prices to plummet is because: First, investors expect that Mr. Trump will be able to intervene soon to end the war between Russia and Ukraine, the conflict in the Middle East, tension on the Korean peninsula,... Because during his first term, Mr. Trump almost did not let any fierce fighting occur. This will reduce the haven role of gold in the eyes of investors.
Second, during the election campaign, Mr. Trump pledged to impose a 60% tax on goods imported from China and impose a 20% tax on goods imported from other countries. If Mr. Trump carries out this commitment, it will push up the prices of US consumer goods, causing inflationary pressures to return, forcing the FED to raise interest rates, helping the USD increase sharply compared to other major currencies, causing Gold price dropped sharply.
Mr. Trump's victory may continue to have a negative impact on gold prices in the short term, but this impact may gradually decrease, because Mr. Trump will officially take office early next year. Therefore, US economic data may receive more attention from investors because it directly impacts the prospect of cutting interest rates by the FED.
This week's economic calendar is quite bleak, especially when compared to this week's major events. The main economic news and events to monitor will be CPI, PPI, October retail sales, and US weekly unemployment benefit claims data. In addition, FED Chairman Jerome Powell will also give a speech next Thursday.
📌From a technical perspective, on the H4 chart, the price of gold is forming a head and shoulders pattern, however, confirmation is needed when the 2642 support zone is broken. If this price model is true, the gold price may drop to an area approaching 2,530 USD/oz. In the opposite case, the gold price will still maintain its upward momentum if the price trades above the 2710 threshold, and at the same time breaks through the peak level at 2,790 USD/oz.
Notable technical levels are listed below.
Support: 2,668 – 2,640USD
Resistance: 2,697 – 2,700 – 2,710USD
SELL XAUUSD PRICE 2751 - 2749⚡️
↠↠ Stoploss 2755
BUY XAUUSD PRICE 2599 - 2601⚡️
↠↠ Stoploss 2595
The reason why Donald Trump's re-election as US President caused gold prices to plummet is because: First, investors expect that Mr. Trump will be able to intervene soon to end the war between Russia and Ukraine, the conflict in the Middle East, tension on the Korean peninsula,... Because during his first term, Mr. Trump almost did not let any fierce fighting occur. This will reduce the haven role of gold in the eyes of investors.
Second, during the election campaign, Mr. Trump pledged to impose a 60% tax on goods imported from China and impose a 20% tax on goods imported from other countries. If Mr. Trump carries out this commitment, it will push up the prices of US consumer goods, causing inflationary pressures to return, forcing the FED to raise interest rates, helping the USD increase sharply compared to other major currencies, causing Gold price dropped sharply.
Mr. Trump's victory may continue to have a negative impact on gold prices in the short term, but this impact may gradually decrease, because Mr. Trump will officially take office early next year. Therefore, US economic data may receive more attention from investors because it directly impacts the prospect of cutting interest rates by the FED.
This week's economic calendar is quite bleak, especially when compared to this week's major events. The main economic news and events to monitor will be CPI, PPI, October retail sales, and US weekly unemployment benefit claims data. In addition, FED Chairman Jerome Powell will also give a speech next Thursday.
📌From a technical perspective, on the H4 chart, the price of gold is forming a head and shoulders pattern, however, confirmation is needed when the 2642 support zone is broken. If this price model is true, the gold price may drop to an area approaching 2,530 USD/oz. In the opposite case, the gold price will still maintain its upward momentum if the price trades above the 2710 threshold, and at the same time breaks through the peak level at 2,790 USD/oz.
Notable technical levels are listed below.
Support: 2,668 – 2,640USD
Resistance: 2,697 – 2,700 – 2,710USD
SELL XAUUSD PRICE 2751 - 2749⚡️
↠↠ Stoploss 2755
BUY XAUUSD PRICE 2599 - 2601⚡️
↠↠ Stoploss 2595
Note
Gold plummeted below 2,680 USD/ozNote
Note
The world gold market witnessed the second consecutive decline in price on Monday, as investors are holding their breath waiting for US economic data and important statements from Fed officials this week, in order to looking for clearer signals about the future interest rate direction of the world's leading economy.Note
Gold prices remained stable after falling 2.5% in the previous session. The DXY index rose to its highest level in a year as the market expected the USD to continue to appreciate due to the impact of Trump's trade tariff policies, along with US economic growth. A stronger USD makes goods priced in this currency more expensive for international investors.Note
Gold fell below 2,600 USD/oz, surpassing the October bottomNote
Fed's Barkin: The Fed's focus could shift to increasing inflation risks or reducing employment risks, depending on how the economy develops.Note
Gold prices fell to near a two-month low on Tuesday (November 12), as a stronger dollar, optimism about economic growth under the second Trump administration and broader market shifts increased. market after the US Presidential election on November 5.Note
Under new President Donald Trump, the Fed may face new policies, as companies plan to raise prices to prepare for higher tariffs on imports that he proposes. Although the Fed just cut interest rates by 25 bps, Chairman Jerome Powell affirmed that the election will not affect the Fed's decisions in the short term because it is too early to predict the timing or nature of policy changes. potential fiscal.Note
Gold dropped to nearly 2,560 USD/oz
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