The gold market is full of potential after a silent day
Updated
Global gold prices rose slightly this morning, with spot gold prices up $2.5 to $1,992.1 per ounce. Gold futures traded at 1,993.3 dollars per ounce, up 0.5 dollar from the previous morning.
World gold prices were stable on the night of November 23 (Vietnam time) during the Thanksgiving holiday. Analysts do not expect any significant price increases for the rest of the week as most retailers are currently focused on the holiday and the Black Friday shopping festival.
Going into the holiday season, the gold market was able to sustain fresh gains above $2,000 an ounce as markets continued to focus on the minutes of the US Federal Reserve's latest monetary policy meeting. There wasn't. The central bank left interest rates unchanged at its last meeting, but the committee maintained its hawkish stance, saying it would keep rates low for the time being, according to minutes.
Gold has been in strong support since late last week as hopes rise that the Fed has completed its rate hike cycle after a series of reports suggesting inflation is slowing. Wednesday's hawkish Fed meeting minutes and strong labor market data left investors hesitant to predict the Fed's next policy move. Rising expectations that the Fed will keep interest rates "high for an extended period of time" and a reduced likelihood that the Fed will start cutting rates in the first half of 2024 are limiting gold's gains.
However, some experts are optimistic that gold prices will eventually rise as seasonal factors are playing a bigger role in price trends and may have a positive impact on gold. Forexlive.com strategist Adam Button said seasonal gold trading at the end of the year is one of the most reliable trades in the market.
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XAUUSD: Bearish comment
Entry sale: 1993-1998 (stopped: 2010)
Target date: 1970
Distant Goal: 1935
The price of gold fell as expected, but not by much. Mainly because yesterday was Thanksgiving in the US, banks did not conduct any transactions.
H1: Gold continues to form a descending pattern, but D1 he forms two peaks. Prices may fall without recovery today. Traders can sell immediately at the current price level.
We hope all traders have a very productive trading day.
World gold prices were stable on the night of November 23 (Vietnam time) during the Thanksgiving holiday. Analysts do not expect any significant price increases for the rest of the week as most retailers are currently focused on the holiday and the Black Friday shopping festival.
Going into the holiday season, the gold market was able to sustain fresh gains above $2,000 an ounce as markets continued to focus on the minutes of the US Federal Reserve's latest monetary policy meeting. There wasn't. The central bank left interest rates unchanged at its last meeting, but the committee maintained its hawkish stance, saying it would keep rates low for the time being, according to minutes.
Gold has been in strong support since late last week as hopes rise that the Fed has completed its rate hike cycle after a series of reports suggesting inflation is slowing. Wednesday's hawkish Fed meeting minutes and strong labor market data left investors hesitant to predict the Fed's next policy move. Rising expectations that the Fed will keep interest rates "high for an extended period of time" and a reduced likelihood that the Fed will start cutting rates in the first half of 2024 are limiting gold's gains.
However, some experts are optimistic that gold prices will eventually rise as seasonal factors are playing a bigger role in price trends and may have a positive impact on gold. Forexlive.com strategist Adam Button said seasonal gold trading at the end of the year is one of the most reliable trades in the market.
-------------------------------------------
XAUUSD: Bearish comment
Entry sale: 1993-1998 (stopped: 2010)
Target date: 1970
Distant Goal: 1935
The price of gold fell as expected, but not by much. Mainly because yesterday was Thanksgiving in the US, banks did not conduct any transactions.
H1: Gold continues to form a descending pattern, but D1 he forms two peaks. Prices may fall without recovery today. Traders can sell immediately at the current price level.
We hope all traders have a very productive trading day.
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