GOLD fell rapidly in the short term, pressured by US data

28 พ.ย.

In the early trading session in Asian markets on Thursday (November 28), XAUUSD Spot delivery suddenly dropped sharply in the short term, currently trading around 2,629 USD/ounce. Gold prices gave up much of their earlier recovery gains after data showed inflation progress was stalling, as the data could make the Federal Reserve cautious about cutting interest rates further.

According to Wednesday's economic data, US durable goods orders rose 0.2% month-on-month in October. While it did not meet expectations of 0.5%, it was an improvement. improved compared to a decrease of 0.4% in September.
The number of people applying for unemployment benefits in the US in the week of November 23 remained stable at 213,000, lower than the expected level of 217,000.
The real (quarterly annually adjusted) rate of gross domestic product (GDP) in the United States in the third quarter was unchanged from its baseline value, at 2.8%, and growth slowed from 3% in the second quarter.
But the GDP report still shows that the US economy still has good resilience. GDP growth has exceeded 2% in eight of the past nine quarters.

A report released by the US Department of Commerce showed that the Fed's favorite inflation index rebounded in October compared to September. The data supports Fed officials taking a more cautious stance in recent times. next interest rate cut.
The Fed's favorite measure of inflation, the core personal consumption expenditures (PCE) price index that excludes volatile food and energy, rose 2.8% year-on-year in October, a highest since April this year compared to September, up 2.7%.
Additionally, the core PCE price index increased 0.3% month-over-month in October, in line with expectations.
The PCE price index increased 0.2% month-over-month and 2.3% year-on-year in October, both in line with the forecasts of analysts surveyed by Dow Jones. The PCE index's annual increase in October was higher than September's 2.1% gain.

Wednesday's data showed that U.S. personal income rose 0.6% month-on-month in October, significantly better than the expected increase of 0.3%.

Minutes of the Federal Reserve's November monetary policy meeting released Tuesday showed that although Fed officials said they expected to continue cutting interest rates in the future, they said the pace Interest rate cuts will take place “gradually”.

The gold market fluctuated strongly this week. As Israel and Iran-backed Hezbollah in Lebanon declared a ceasefire, reducing demand for safe havens, gold suffered its biggest one-day drop in more than five months on Monday and prices fell to a low. most since November 18 on Tuesday.

Analysis of technical prospects for XAUUSD
On the daily chart, gold continues to maintain its main bearish trend after approaching and coming under pressure from the 21-day moving average (EMA21).
The drop below the 0.618% Fibonacci retracement is a good signal for bearish expectations as the target behind that is at the levels of 2,606 – 2,600USD. Note to readers in the previous issue.

On the other hand, the Relative Strength Index is flat below 50, if it is pointing down this can be considered a good signal for a downtrend.
As long as gold remains below the EMA21 and within the price channel, it will remain bearish in the near term and price rallies should only be considered short-term recoveries without changing the current primary trend.

During the day, the technical outlook for gold is bearish with notable points listed as follows.
Support: 2,606 – 2,600USD
Resistance: 2,634 – 2,644USD

SELL XAUUSD PRICE 2686 - 2684⚡️
↠↠ Stoploss 2690

→Take Profit 1 2679
↨
→Take Profit 2 2674

BUY XAUUSD PRICE 2579 - 2581⚡️
↠↠ Stoploss 2575

→Take Profit 1 2586
↨
→Take Profit 2 2591

28 พ.ย.

บันทึก

Gold reversed the day's decline, from around $2,620 to the top of its daily trading range entering the European session.

29 พ.ย.

บันทึก

29 พ.ย.

บันทึก

Gold has recovered in the Asian session this morning, currently fluctuating around 2,660 USD/ounce, up 30 USD compared to the previous session due to the market's concern that geopolitical risks remain tense as the war escalates in Russia. Ukraine. At the same time, the ceasefire between Israel and Hezbollah has not yet taken effect and Israel's retaliatory measures are still increasing tensions.

1 ธ.ค.

บันทึก

Gold price closed the week at 2,649 USD/ounce, an increase of 12 USD before closing last week and also the closing price of the last trading session of November. At the beginning of the week, world gold price decreased continuously for 2 sessions. The weekend unexpectedly rebounded thanks to the weakening of the USD and safe-haven demand due to concerns about persistent geopolitical tensions.