Gold narrows price range, price increases?
Updated
XAU/USD is trading slightly lower, although the daily chart shows that it quickly rebounded from the day's low of $1,990.93, somehow indicating that buyers are still willing to purchase more.
Regarding the hot news this week:
- We will receive two news on November 1st and November 3rd, which could change the objective view of Gold.
- The stock market is trading with a positive trend, while silver bond yields are rising, although it may not support the greenback.
In terms of technical analysis:
In the short term and based on the 4-hour chart, the risk tends to increase, although the downward momentum is slowing down. As long as gold holds above the $1,990 mark, there is still a possibility of a price increase.
Support levels: $1,990.90, $1,976.85, $1,962.10
Resistance levels: $2,009.50, $2,023.70, $2,040.20
Regarding the hot news this week:
- We will receive two news on November 1st and November 3rd, which could change the objective view of Gold.
- The stock market is trading with a positive trend, while silver bond yields are rising, although it may not support the greenback.
In terms of technical analysis:
In the short term and based on the 4-hour chart, the risk tends to increase, although the downward momentum is slowing down. As long as gold holds above the $1,990 mark, there is still a possibility of a price increase.
Support levels: $1,990.90, $1,976.85, $1,962.10
Resistance levels: $2,009.50, $2,023.70, $2,040.20
Trade active
Note
The event that the market is waiting for this week will be the Fed's monetary policy meeting. Investors also pay attention to the monetary policy decisions of the Bank of England and the Bank of Japan.
Related publications
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.