Gold Trend 15/11

15 พ.ย. 2023

The upward momentum is still picking up!

Driven by US inflation data, the gold price reached our target yesterday and continued to rise. During the early Asian/European sessions, the price fluctuated in a tight range between 1943-48 while the whole market was waiting for the release of the US figures. Once the US CPI was released, the gold price quickly touched the resistance at 1955(1). A new round of buying was triggered by the price breaking downtrend channel(2).
Gold reached the day-high near 1970, up by US$17.

1-hr chart - After escaping the descending channel(2) yesterday, the gold price has officially ended the downward trend originating from 2004. The current S-T upward momentum is still accelerating, no signs of a reversal signal yet. Expected that the upward trend will continue at least until the US session tonight. The short-term resistance is at 1970, if the US retail data slows down later on today, the 1st target can be set at 1980(3) or even higher.



Daily chart - There are no signs of a market top yet, and the trend remains predominantly bullish. The S-T resistance is at the 20-day MA(4). The M-T trading range (5) is still valid, and the resistance line(6) may play a key part in the coming 2 weeks.

S-T Resistances:
1980
1973
1970

Market price: 1968

S-T Supports:
1964
1960
1955

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