GOLD MARKET ANALYSIS AND COMMENTARY - [Nov 18 - Nov 22]
This week, international gold prices fell sharply, from 2,686 USD/oz to 2,536 USD/oz and closed the week at 2,563 USD/oz. Thus, from the peak of 2,790 USD/oz, up to now the international gold price has decreased by more than 250 USD per ounce, equivalent to about 9%.
The reason why international gold prices have dropped sharply in recent days is because the market expects newly elected President Donald Trump to soon resolve geopolitical tensions in Ukraine, the Middle East, the Korean Peninsula..., causing shelter demand. in gold fell sharply. Besides, Mr. Trump's tariff policy will cause inflation to rise, forcing the FED to raise interest rates again, pushing up the USD. In addition, recently announced US economic indicators, such as retail sales in October increased by 0.4% over the previous month; Consumer confidence recovered strongly;... In particular, FED Chairman Powell said the US economy did not give any signal that the FED should rush to continue sharply reducing interest rates.
Short-term gold prices next week may not end their correction due to the impact of policy expectations under Donald Trump's second term.
📌From a technical perspective, on the weekly chart, if this is an adjustment for this chart, the gold price will at least fall around the 2,400 USD/oz mark. On the H4 chart, the gold price has completed a shoulder pattern. head and shoulders as commented last week when the 2640 support zone was broken. Next week, it is possible that the gold price will increase and adjust again. If the support level of 2526 does not hold, gold is at risk of continuing to be sold off, causing the price to fall further below the 2400 mark.
Notable technical levels are listed below.
Support: 2,548 – 2,536 – 2,528USD
Resistance: 2,581 – 2,588 – 2,600USD
SELL XAUUSD PRICE 2626 - 2624⚡️
↠↠ Stoploss 2630
BUY XAUUSD PRICE 2432 - 2434⚡️
↠↠ Stoploss 2428
The reason why international gold prices have dropped sharply in recent days is because the market expects newly elected President Donald Trump to soon resolve geopolitical tensions in Ukraine, the Middle East, the Korean Peninsula..., causing shelter demand. in gold fell sharply. Besides, Mr. Trump's tariff policy will cause inflation to rise, forcing the FED to raise interest rates again, pushing up the USD. In addition, recently announced US economic indicators, such as retail sales in October increased by 0.4% over the previous month; Consumer confidence recovered strongly;... In particular, FED Chairman Powell said the US economy did not give any signal that the FED should rush to continue sharply reducing interest rates.
Short-term gold prices next week may not end their correction due to the impact of policy expectations under Donald Trump's second term.
📌From a technical perspective, on the weekly chart, if this is an adjustment for this chart, the gold price will at least fall around the 2,400 USD/oz mark. On the H4 chart, the gold price has completed a shoulder pattern. head and shoulders as commented last week when the 2640 support zone was broken. Next week, it is possible that the gold price will increase and adjust again. If the support level of 2526 does not hold, gold is at risk of continuing to be sold off, causing the price to fall further below the 2400 mark.
Notable technical levels are listed below.
Support: 2,548 – 2,536 – 2,528USD
Resistance: 2,581 – 2,588 – 2,600USD
SELL XAUUSD PRICE 2626 - 2624⚡️
↠↠ Stoploss 2630
BUY XAUUSD PRICE 2432 - 2434⚡️
↠↠ Stoploss 2428
Note
Gold prices started a new trading week this morning (November 18) in a state of strong increase, after recording the strongest weekly decline in more than 3 years last week. However, experts say that the pressure to depreciate this precious metal is still great due to profit-taking activities of investors, the upward trend of the USD, and expectations of interest rate reduction that have become weaker after the election. elect US president.Note
Note
This week, the market will focus on PMI data from major economies, inflation in the UK and questions about the possibility of a "soft landing" of the US economy. PMI and CPI data will be important factors in determining global growth and inflation trends amid current uncertainty.Note
Gold increased to above 2,610 USD/ozNote
At the end of the trading session on November 18, the spot gold contract increased 1.8% to 2,608.19 USD/oz, escaping the 2-month low recorded on November 14. Gold futures contracts added 1.7% to 2,614.60 USD/oz.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
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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