Gold price analysis November 21
Updated
Fundamental Analysis
Gold (XAU/USD) maintained its buying bias heading into the European session and is currently trading around $2,660, or a one-and-a-half week high touched earlier this Thursday. It was the fourth straight day of positive action and was supported by geopolitical risks stemming from the worsening Russia-Ukraine war, which benefited the safe-haven precious metal. Additionally, a modest decline in the US Dollar (USD) continued to act as a bullish driver for the commodity.
That said, rising US Treasury yields, supported by expectations that US President-elect Donald Trump’s proposed tariffs could fuel inflationary pressures and limit the scope for Federal Reserve (Fed) rate cuts, kept non-yielding Gold prices in check. Furthermore, the prevailing risk-on sentiment - described by the positive tone around the equity markets - warrants some caution before placing strong bullish bets around the safe haven XAU/USD.
Technical Analysis
From a technical perspective, gold is still looking for strong upside in the European trading hours. The 2673-2675 zone is seen as the immediate resistance that Gold is aiming for. When the h1 candle closes above the 2660 zone, consider buying signals at the resistance zone. And today's analysis is similar to the previous day, waiting for a recovery and buying or waiting for a breakout and buying. Pay attention to the important support zones of 2645 and 2618 as Gold is pushed up strongly from this zone.
Gold (XAU/USD) maintained its buying bias heading into the European session and is currently trading around $2,660, or a one-and-a-half week high touched earlier this Thursday. It was the fourth straight day of positive action and was supported by geopolitical risks stemming from the worsening Russia-Ukraine war, which benefited the safe-haven precious metal. Additionally, a modest decline in the US Dollar (USD) continued to act as a bullish driver for the commodity.
That said, rising US Treasury yields, supported by expectations that US President-elect Donald Trump’s proposed tariffs could fuel inflationary pressures and limit the scope for Federal Reserve (Fed) rate cuts, kept non-yielding Gold prices in check. Furthermore, the prevailing risk-on sentiment - described by the positive tone around the equity markets - warrants some caution before placing strong bullish bets around the safe haven XAU/USD.
Technical Analysis
From a technical perspective, gold is still looking for strong upside in the European trading hours. The 2673-2675 zone is seen as the immediate resistance that Gold is aiming for. When the h1 candle closes above the 2660 zone, consider buying signals at the resistance zone. And today's analysis is similar to the previous day, waiting for a recovery and buying or waiting for a breakout and buying. Pay attention to the important support zones of 2645 and 2618 as Gold is pushed up strongly from this zone.
Trade active
Gold price retains its bullish bias near one-week high amid rising geopolitical risks
Gold price maintains its bid tone heading into the European session and currently trades around the $2,660 level, or a one-and-half-week high touched earlier this Thursday. This marks the fourth straight day of a positive move and is sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war, which benefits the safe-haven precious metal.
Trade closed: target reached
Gold extends gains beyond $2,660 amid rising geopolitical risks
Gold extends its bullish momentum further above $2,660 on Thursday. XAU/USD rises for the fourth straight day, sponsored by geopolitical risks stemming from the worsening Russia-Ukraine war. US data and Fedspeak are next in focus.
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