Gold prices rose slightly on Wednesday, rebounding from the low of more than a week on the previous trading day, as the US dollar weakened, but the data showed that inflation progress stagnated, suggesting that the U.S. Federal Reserve Board (FED) may face a certain degree of restrictions in deciding to cut interest rates further. The gold price narrowed after the data was released. The eve of the holiday is also an important factor in narrowing the gold price trend. The U.S. market will be closed on Thursday due to the Thanksgiving holiday. On Monday, the gold price fell sharply by $100, the largest single-day decline in more than five months, as the demand for hedging weakened after Israel and Iran-backed Lebanese Hezbollah announced a long-negotiated ceasefire agreement.
Gold trend, according to the technical chart, the RSI and stochastic index have turned back from the overbought area, and the short-term gold price tends to make further adjustments. The closer support is expected to be $2,605 and $2,588, and the next-level reference is $2,570 on the 100-day average. The decline in gold prices in the middle of this month also happens to find support at the 100-day average. The key is that in 2535, from the bottom of the consolidation from May to June to the bottom of $2,280 to the end of last month, it will reach a cumulative increase of $510, and half of it will be $255 to $2,535. As for the current closer resistance, let’s look at $2,640 and $2,660, and the next level is estimated at $2,690.
Gold trend, according to the technical chart, the RSI and stochastic index have turned back from the overbought area, and the short-term gold price tends to make further adjustments. The closer support is expected to be $2,605 and $2,588, and the next-level reference is $2,570 on the 100-day average. The decline in gold prices in the middle of this month also happens to find support at the 100-day average. The key is that in 2535, from the bottom of the consolidation from May to June to the bottom of $2,280 to the end of last month, it will reach a cumulative increase of $510, and half of it will be $255 to $2,535. As for the current closer resistance, let’s look at $2,640 and $2,660, and the next level is estimated at $2,690.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.