11.8 Gold fluctuates slightly sideways, with a big downside
Updated
On Friday (November 8) in the European session, the spot gold price rebounded above the 2690 mark and was last traded at 2690.56/oz.
The impact of the decline in US Treasury yields Against the backdrop of the Fed's interest rate cuts, US Treasury yields fell further, providing some support for gold. However, given the optimistic overall risk sentiment in the market, the rebound momentum of gold is still not strong. Although the gold price has returned to near the 50-day moving average, the overall trend is still under pressure. From a technical point of view, the gold price has returned to above 22690/OZ, but its rebound was blocked when it approached 2718 (50% Fibonacci retracement level). If this resistance can be effectively broken, gold is expected to continue to test 22734/OZ (61.8% Fibonacci retracement level). If there is continued buying in the future, it may indicate that the previous correction has ended, and gold may further attack the static resistance level of 22750/OZ, or even hit the 2758-2790 area.
The impact of the decline in US Treasury yields Against the backdrop of the Fed's interest rate cuts, US Treasury yields fell further, providing some support for gold. However, given the optimistic overall risk sentiment in the market, the rebound momentum of gold is still not strong. Although the gold price has returned to near the 50-day moving average, the overall trend is still under pressure. From a technical point of view, the gold price has returned to above 22690/OZ, but its rebound was blocked when it approached 2718 (50% Fibonacci retracement level). If this resistance can be effectively broken, gold is expected to continue to test 22734/OZ (61.8% Fibonacci retracement level). If there is continued buying in the future, it may indicate that the previous correction has ended, and gold may further attack the static resistance level of 22750/OZ, or even hit the 2758-2790 area.
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SELL:2692 Target:2680----70
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