Gold price analysis November 14
Updated
Fundamental Analysis
Gold (XAU/USD) fell for a fifth straight day and dropped to its lowest since September 19, around $2,554-$2,553 heading into the European session on Thursday. The commodity continued to be weighed down by the post-election rally in the US Dollar (USD) that has extended into the new year, bolstered by optimism about the expected expansionary policies of the incoming Trump administration.
Meanwhile, Trump’s potentially inflationary tariffs could force the Federal Reserve (Fed) to pause its easing cycle. Moreover, the US Consumer Price Index (CPI) released on Wednesday pointed to slower progress in lowering inflation and could lead to fewer rate cuts next year. This remains supportive of higher US Treasury yields and contributes to outflows from non-yielding gold.
Technical analysis
The technical price zone in the current European trading session is around 2648 2659. With the recovery from this zone, gold can recover to the 2587 zone in the near future and in the following days can reach back to the 2616 hook. But this scenario is relatively unlikely when the number of fomo sellers is quite large. When the 2648 zone is broken, the fomo chain continues to sell and pushes the gold price down to 2527 and 2503, so prioritize SELL signals at the present time when the price breaks out of 2648. Wish you a successful trading day.
Gold (XAU/USD) fell for a fifth straight day and dropped to its lowest since September 19, around $2,554-$2,553 heading into the European session on Thursday. The commodity continued to be weighed down by the post-election rally in the US Dollar (USD) that has extended into the new year, bolstered by optimism about the expected expansionary policies of the incoming Trump administration.
Meanwhile, Trump’s potentially inflationary tariffs could force the Federal Reserve (Fed) to pause its easing cycle. Moreover, the US Consumer Price Index (CPI) released on Wednesday pointed to slower progress in lowering inflation and could lead to fewer rate cuts next year. This remains supportive of higher US Treasury yields and contributes to outflows from non-yielding gold.
Technical analysis
The technical price zone in the current European trading session is around 2648 2659. With the recovery from this zone, gold can recover to the 2587 zone in the near future and in the following days can reach back to the 2616 hook. But this scenario is relatively unlikely when the number of fomo sellers is quite large. When the 2648 zone is broken, the fomo chain continues to sell and pushes the gold price down to 2527 and 2503, so prioritize SELL signals at the present time when the price breaks out of 2648. Wish you a successful trading day.
Trade active
Gold trims early gains hovers around $2,575
The loss of momentum in the US Dollar and the retracement in US yields across the curve allow Gold prices to pick up some upside traction and revisit the $2,570 zone per ounce troy, trimming part of their early losses.
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