GOLD continues to be supported by Biden
XAUUSD rallied sharply towards a second day of gains after six consecutive days of decline as the dollar's price momentum slowed and growing uncertainty over conflicts in Russia and Ukraine sparked safe-haven demand.As of the time of writing, spot gold has increased continuously the previous trading day to 2,622 USD/ounce, escaping the lowest level in 2 months last Thursday.
XAUUSD considered a safe investment in times of economic and geopolitical uncertainty, suffered its biggest weekly decline in more than three years last week because of Trump's tariff-leaning policy. Trump's nomination is seen as a potential cause of inflation, which could cause the Federal Reserve to slow down on interest rate cuts.Recent US support for Ukraine has increased tensions and affected safe-haven assets
Part of the reason is that US President Biden announced that he will provide long-range missiles to Ukraine so that the country can attack deeper into Russian territory. This will make the war much more complicated, it should be seen as a step closer to direct confrontation between Russia and the US.
Previously, Reuters reported that US President Joe Biden's administration on Sunday allowed Ukraine to use US-made weapons to attack deep into Russian territory, a major reversal of Washington's policy. about the conflict between Ukraine and Russia.
Sources said Ukraine plans to launch its first long-range strike in the coming days but declined to reveal details due to security concerns about the operation.
The Federal Reserve is widely expected to cut interest rates for a third time in December, although recent data suggests inflation's recovery toward its 2% target has stalled. About seven Fed officials will speak this week.
Rising interest rates could put further pressure on gold by making non-yielding assets like gold less attractive.
Analysis of technical prospects for
XAUUSD Although gold has recovered to break the falling price channel in the short term, in the medium term it still tends to lean towards the downside with the price channel as the trend and the main pressure from the EMA21 level.
On the other hand, the uptrend RSI is also close to reaching the 50 level. The 50 level is considered a resistance or support point depending on the condition of the RSI above or below this level.
However, gold may still increase a bit more with the 2,640USD position sent to readers in yesterday's publication, this is the position of the 0.618% Fibonacci retracement level.
As long as gold remains within the price channel and below the EMA21 level, the technical outlook is tilted to the downside, and the day's highlights are listed below.
Support: 2,600 – 2,588USD
Resistance: 2,640USD
SELL XAUUSD PRICE 2647 - 2645⚡️
↠↠ Stoploss 2651
→Take Profit 1 2640
↨
→Take Profit 2 2635
BUY XAUUSD PRICE 2589 - 2591⚡️
↠↠ Stoploss 2585
→Take Profit 1 2596
↨
→Take Profit 2 2601
Note
At the beginning of the week, the news from the White House + Biden side towards Russia was a bit hot.
Also contributing to GOLD's influence from the beginning of the week until now⚡️
Note
Gold prices rose for the second consecutive session on Tuesday (November 19), reaching their highest level in a week as rising Russia-Ukraine tensions led to a rush to safe-haven assets, in as investors wait for important signals about the interest rate plan of the US Federal Reserve (Fed).Note
Note
Gold increased sharply to 2,650 USD/ozNote
Gold prices increased for the third consecutive session and reached their highest level in a week on Wednesday (November 20), as investors sought safe havens from the precious metal amid geopolitical instability. increased due to escalating tensions between Russia and Ukraine.
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