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