Gold--> Trade inside from channel boundary
XAUUSD A slight increase from $2,650 after the breakout, this is generally due to political news, but the overall fundamental backdrop remains challenging. Today, liquidity is low due to the Thanksgiving holiday in the United States.Metal prices are affected by geopolitical risks, which remain high due to the Russia-Ukraine conflict. Additionally, the commitment of U.S. President-elect Donald Trump to impose tariffs on Canada and Mexico is also having an impact. "This has raised a bit more concern about the possible consequences from these two countries. So, that remains an important supporting factor for gold."
In theory, any effort to push gold prices higher may be limited because Trump’s tax plan is also considered a potential driver of inflation, which could lead the U.S. Federal Reserve (Fed) to slow the process of cutting interest rates.
Technically, gold is moving sideways, so we consider trading from the range boundaries. We focus on the local channel from H1 2660 - 2618 and the global channel from D1 at 2690 (2710) - 2605.
Accordingly, at this time, gold is heading toward liquidity above. A false breakout of the main resistance zone and price consolidation in the selling area could lead to a price drop to the lower boundary of the sideways range.
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