XAU/USD

Spot Gold eases after repeated failure to sustain gains above psychological $1800 barrier, with rising expectations that the US Federal Reserve could finally announce the start of reducing stimulus in its Nov 3 policy meeting and market participants operating with information about higher probability of rate hikes in 2022.

Reduced stimulus and higher interest rates are usually negative factors for the yellow metal, with short-term outlook also turning negative on ongoing risk-on environment.

Technical studies are weakening on daily chart, as the price returned below 200-day moving average and stochastic heading south after diverged from rising price earlier.

Pivotal supports lay at $1781 (top of thinning daily Ichimoku cloud) and $1778 (Fibonacci 38.2% retracement of $1721/$1813 bull-leg), break of which would generate reversal signal and open way for extension towards next strong supports at $1760/56 (Oct 18 higher low / Fibonacci 61.8% retracement of $1721/$1813) and a higher base at $1750 zone.

Repeated weekly close below $1800 would add to negative signals, but the metal is on track for positive monthly performance after 3% drop in September.

Res: 1793; 1800; 1813; 1834.
Sup: 1781; 1778; 1767; 1760.

Gold

Interested in Gold technicals? Check out the key levels

    1. R3 1832.57
    2. R2 1820.47
    3. R1 1806.64
  1. PP 1794.54
    1. S1 1780.71
    2. S2 1768.61
    3. S3 1754.78

The information contained in this document was obtained from sources believed to be reliable, but its accuracy or completeness cannot be guaranteed. Any opinions expressed herein are in good faith, but are subject to change without notice. No liability accepted whatsoever for any direct or consequential loss arising from the use of this document.

Feed news

Latest Forex Analysis


Latest Forex Analysis

Editors’ Picks

EUR/USD drops towards 1.1300 as Omicron, inflation concerns weigh

EUR/USD is trading below 1.1350, consolidating the biggest daily jump in a fortnight. The US dollar rebound amid a cautious mood. Omicron, US-China woes keep investors on the edge, Rising US inflation expectations underpin the yields. US jobless claims, Omicron updates closely eyed.

EUR/USD News

GBP/USD trades with modest gains above 1.3200 mark, lacks follow-through

GBP/USD is trading flat above 1.3200, struggling to capitalize on the overnight goodish rebound from a one-year low. Fresh COVID-19 jitters pushed back BoE rate hike expectations and undermined the pound. Resurgent USD demand further stalled aggressive bullish bets.

GBP/USD News

Gold: Doji below 200-DMA teases bears, Omicron updates eyed

Gold portrays trader’s indecision below the key moving average following Wednesday’s bearish candlestick. Market sentiment dwindles as virus-linked news battles geopolitical fears. Friday’s US CPI becomes crucial as inflation expectations improve.

Gold News

Why MATIC price could soon see a meteoric rise toward the round level of $4

MATIC price appears to be ready for a major upswing toward $3.84. The governing technical pattern suggests that the layer-2 token is preparing for a 62% climb.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!

Majors

Cryptocurrencies

Signatures