Daily Price Outlook

Gold's market posture remained unchanged at $1,981, demonstrating a pause after recent movements. On the chart, a pivot point is established at $2,005, serving as a fulcrum for potential swings in price. Resistance levels are charted at $2,030, $2,067, and $2,104, each signifying a potential ceiling that bulls might find challenging to breach. Conversely, supports firm up beneath at $1,970, followed by $1,942 and $1,907, levels where buyers might emerge to bolster the price.

The Relative Strength Index (RSI) holds steady at 60, reflecting a market that is neither overextended nor languishing – a balanced terrain where bullish sentiments have a slight edge. The MACD indicator presents a neutral stance, with its line at the threshold of 0 and a signal line at 6.83, hinting at a market in equilibrium awaiting a catalyst. Notably, the gold price floats above the 50 EMA of $1,968, suggesting a bullish trend that has yet to be confirmed by further price action.

The observed chart patterns hint at a consolidation phase, as gold prices hover in a range, suggesting an imminent breakout. The proximity to the 50 EMA and the RSI's position indicates that the path of least resistance may be upwards, provided support levels hold firm.

Gold currently showcases a cautiously bullish trend, especially with the price stationed above the $1,970 mark. The market's conviction will be tested in the near term as it approaches key resistances. A successful challenge of these levels could cement the bullish narrative, while a retreat below $1,970 may tilt the scales in favor of a bearish scenario.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Above 1970

Take Profit – 2035

Stop Loss – 1930

Risk to Reward – 1: 1.6

Profit & Loss Per Standard Lot = +$6500/ -$4000

Profit & Loss Per Mini Lot = +$650/ -$400

Daily Price Outlook

Gold's recent ascent reflects a broader market recalibration as it reaches $1984.67, a modest 0.17% daily uptick. This upward trajectory sees it approaching key resistance levels, with an immediate ceiling at $1971.51 and higher resistance at $2010.866, suggesting a potential test of the $2053.318 mark if the momentum persists. The pivot point for this bull run is firmly planted at $1932.328.

Technical indicators underscore the precious metal's current strength; the Relative Strength Index (RSI) hovers around 57.04, signaling a positive, yet not overextended, market sentiment. The Moving Average Convergence Divergence (MACD) corroborates this bullish trend, though it's essential to monitor for any signs of divergence that may signal a momentum shift.

Support levels are carved out at $1900.489 and $1857.329, providing a buffer against potential pullbacks. The 50-day EMA at $1943.359 adds another layer of support, reinforcing the bullish sentiment.

Chart patterns reveal a consolidation phase, with gold prices trading within a narrowing range, hinting at an impending breakout. The asset’s trajectory above the 50 EMA confirms the market's short-term confidence in gold.

In conclusion, gold's current position above critical technical levels suggests a bullish outlook, with expectations that it may soon challenge upper resistance levels.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Above 1967

Take Profit – 2045

Stop Loss – 1925

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$7800/ -$4200

Profit & Loss Per Mini Lot = +$780/ -$420

Daily Price Outlook

During the European trading session, the price of gold (XAU/USD) is maintaining its upward trajectory and consolidating its modest gains. However, this positive movement can be attributed to recent lackluster economic data from the US, notably the subdued figures from the October Consumer Price Index (CPI) and Producer Price Index (PPI).

Therefore, this data is reinforcing the belief that the Federal Reserve has concluded its tightening cycle. As a result, market speculation is growing regarding potential interest rate cuts, possibly in the first half of 2024. This anticipation is consequently keeping the yield on the 10-year US government bond at a low, providing support for the price of gold.

Gold Gains as Dollar Falters Amid Fed's Dovish Tone and Mixed US-China Signals

Furthermore, the broad-based US Dollar is struggling to rebound from its lowest point since September 1, prompted by lackluster consumer inflation figures reported on Tuesday. Despite expectations for a potential recovery, the dollar is hampered by dovish sentiments surrounding the Federal Reserve.

Meanwhile, the mixed signals emerging from high-level US-China talks are also enhancing the appeal of the safe-haven asset, Gold. Investors are currently closely monitoring US housing market data and statements from the Federal Reserve for fresh insights. Despite experiencing a recent dip, Gold (XAU/USD) is poised to conclude the week with gains of almost 2.5%, thereby breaking a two-week losing streak that brought it to its lowest level since October 18 on Monday.

Gold Rebounds on Dovish Fed Signals and Economic Indicators

It's noteworthy that Gold has experienced a rebound of over $50 from its recent low, hovering around $1,932-1,931 on Monday. However, this resurgence is driven by the belief that the Federal Reserve is unlikely to raise interest rates further. The recent US Consumer Price Index (CPI) report revealed a slower-than-expected inflation rate, and Thursday's Jobless Claims suggested a cooling job market. October's CPI remained unchanged, with the yearly rate experiencing its smallest increase in two years, rising to 3.2% from September's 3.7%. The number of initial jobless claims rose to 231K from the revised 218K.

Moreover, the decline in oil prices is anticipated to alleviate inflationary pressures, aligning with the Federal Reserve's 2% target and contributing to a softening of its hawkish stance. Numerous Fed officials have echoed progress in the battle against inflation, hinting at a potential conclusion to tightening policies. Traders are now speculating that US interest rates will remain unchanged, with CME Group's FedWatch Tool indicating an increasing probability of a rate cut by March 2024.

Therefore, the yield on the 10-year US government bond has touched a two-month low, leading to a weakened US Dollar and offering support to Gold.

GOLD (XAU/USD) - Technical Analysis

Gold's recent ascent reflects a broader market recalibration as it reaches $1984.67, a modest 0.17% daily uptick. This upward trajectory sees it approaching key resistance levels, with an immediate ceiling at $1971.51 and higher resistance at $2010.866, suggesting a potential test of the $2053.318 mark if the momentum persists. The pivot point for this bull run is firmly planted at $1932.328.

Technical indicators underscore the precious metal's current strength; the Relative Strength Index (RSI) hovers around 57.04, signaling a positive, yet not overextended, market sentiment. The Moving Average Convergence Divergence (MACD) corroborates this bullish trend, though it's essential to monitor for any signs of divergence that may signal a momentum shift.

Support levels are carved out at $1900.489 and $1857.329, providing a buffer against potential pullbacks. The 50-day EMA at $1943.359 adds another layer of support, reinforcing the bullish sentiment.

Chart patterns reveal a consolidation phase, with gold prices trading within a narrowing range, hinting at an impending breakout. The asset’s trajectory above the 50 EMA confirms the market's short-term confidence in gold.

In conclusion, gold's current position above critical technical levels suggests a bullish outlook, with expectations that it may soon challenge upper resistance levels.

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Daily Price Outlook

Gold's technical landscape presents a battleground for bulls and bears as the precious metal consolidates at around $1,960, following a pullback from the $1,975 resistance level. The 4-hour chart reveals that gold is hovering just below the Exponential Moving Average (EMA) 50 close of $1,960.281, which could act as an immediate pivot for the session ahead.

Resistance looms overhead at $1,970.790 and $1,980.904, with a significant psychological barrier at the round number of $2,000, presenting potential targets for buyers. Conversely, support forms at $1,958.345, with a further downside cushion at $1,949.176 and a critical floor at $1,941.013, which may stem any bearish tides.

The Relative Strength Index (RSI) at 54.12 suggests a neutral market, with the potential for shifts in momentum. Additionally, the MACD's slight bullish divergence, without crossing the signal line, hints at a cautious optimism. The interplay between these indicators and the 50 EMA will likely guide the short-term trajectory of gold.

In conclusion, the current technical posture of gold indicates a holding pattern as the market digests recent economic data and anticipates further signals from upcoming US jobless claims and central bank speeches. A decisive move above the EMA could rekindle bullish sentiment, while a drop below current support levels may invite further retracement.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Above 1957

Take Profit – 1970

Stop Loss – 1945

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$1300/ -$1200

Profit & Loss Per Mini Lot = +$130/ -$120

Daily Price Outlook

Gold (XAU/USD) maintained its upward trend and hit a new daily high on Thursday in the range of $1,975-1,976, surpassing the levels touched the previous day. However, the reason for its upward rally can be attributed to a heightened demand for safe-haven assets, fueled by a risk-off sentiment in equity markets. Hence, the risk-off sentiment in US equity futures seen as a key catalyst that boost the precious metal price.

Furthermore, the ongoing consensus that the Federal Reserve has ended its interest rate hiking cycle contributed to the positive momentum for gold. The perception that the Fed is no longer pursuing interest rate increases adds an additional layer of support to the non-yielding yellow metal.

US Dollar Rebound and Its Impact on Gold Prices

On the flip side, the broad-based US Dollar is making a comeback after hitting its lowest point since September 1 following weaker US consumer inflation data. However, this recovery will likely put a cap on further gains for gold. It should be noted that US Retail Sales dropped less than expected in October, and with an upward revision of the previous month's strong numbers, it boosted US Treasury bond yields. This, in turn, is supporting the Greenback.

US Economic Indicators and Fed Uncertainty Impacting Gold and Dollar Dynamics

It's worth noting that the US Producer Price Index (PPI) experienced a significant decline, dropping by 0.5% in October. This marks the largest decrease since April 2020. Additionally, the PPI data for September was revised down from a 0.5% increase to 0.4%. These developments follow Tuesday's report, which indicated that consumer inflation is cooling at a faster rate than anticipated. This reinforces the idea that the Federal Reserve won't be raising interest rates further.

On another note, US Retail Sales fell in October, the first drop in seven months, but it was less than expected, and September's data was revised to show strong gains. San Francisco Fed President Mary Daly highlighted the uncertainty about whether the Fed has done enough to bring consumer prices down to the 2% target.

Therefore, the current uncertainty benefits the US Dollar and could limit significant increases in Gold prices. Investors will keep their eyes on updates on the US economy, such as jobless claims, the Philly Fed Manufacturing Index, and Industrial Production.

GOLD (XAU/USD) - Technical Analysis

Gold's technical landscape presents a battleground for bulls and bears as the precious metal consolidates at around $1,960, following a pullback from the $1,975 resistance level. The 4-hour chart reveals that gold is hovering just below the Exponential Moving Average (EMA) 50 close of $1,960.281, which could act as an immediate pivot for the session ahead.

Resistance looms overhead at $1,970.790 and $1,980.904, with a significant psychological barrier at the round number of $2,000, presenting potential targets for buyers. Conversely, support forms at $1,958.345, with a further downside cushion at $1,949.176 and a critical floor at $1,941.013, which may stem any bearish tides.

The Relative Strength Index (RSI) at 54.12 suggests a neutral market, with the potential for shifts in momentum. Additionally, the MACD's slight bullish divergence, without crossing the signal line, hints at a cautious optimism. The interplay between these indicators and the 50 EMA will likely guide the short-term trajectory of gold.

In conclusion, the current technical posture of gold indicates a holding pattern as the market digests recent economic data and anticipates further signals from upcoming US jobless claims and central bank speeches. A decisive move above the EMA could rekindle bullish sentiment, while a drop below current support levels may invite further retracement.

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Daily Price Outlook

Gold prices (XAU/USD) have extended their winning streak, marking a third consecutive day of gains. Meanwhile, it reached a new weekly high around $1,971 during the early European session. However, this upward movement was driven by the selling pressure on the US Dollar. This sentiment is influenced by increasing expectations that the Federal Reserve (Fed) has completed its interest rate hikes. This change in monetary policy was seen as beneficial factor for gold, given its status as a non-yielding asset.

However, the current risk-on sentiment in the market, driven by dovish expectations from the Federal Reserve and significant liquidity injections from China's central bank, will likely curb further gains in safe-haven gold prices. Moving on, traders seems hesitant to place any strong position as indications suggest a potential easing of tensions in the Middle East.

Influence of Economic Indicators on Gold Price and Market Dynamics

On Tuesday, the US Bureau of Labor Statistics reported that the October Consumer Price Index (CPI) remained unchanged, with the yearly rate experiencing its smallest increase in two years, slowing to 3.2% from September's 3.7%. This data supports the belief that the Federal Reserve has halted its tightening policies, increasing expectations for a rate cut in May 2024.

Consequently, US Treasury bond yields dropped, with the 10-year bond hovering near a two-month low. However, the weakened US Dollar is also benefiting the non-yielding Gold price. Despite a risk-on mood, the overall outlook favors upward movement, thanks to dovish Fed expectations and a 600 billion Yuan injection by the People’s Bank of China, boosting investor confidence.

Therefore, the stable Consumer Price Index and the pause in Fed tightening have lowered US Treasury yields, keeping the US Dollar weak and supporting non-yielding gold prices.

Impact of Chinese Economic Indicators on Gold Prices and Anticipation of US Data

Moreover, China's Industrial Production showed positive growth, rising 4.6% YoY in October, beating expectations and the previous month's 4.5%. Retail Sales also exceeded predictions, up by 7.4% in the past 12 months. However, Fixed Asset Investment in China increased by 2.9% YoY, slightly lower than the expected 3.1%. These figures had a little impact on market sentiment.

Now, focus shifts to the US, expecting the October Producer Price Index (PPI) to rise by 0.1%, with a yearly rate below 2.0%. US Retail Sales are forecasted to decline by 0.3% in October, a notable drop from the previous month's 0.7% increase, while sales excluding automobiles are expected to remain flat month-on-month.

Therefore, the positive economic indicators from China may relieve some pressure on gold prices, as signs of growth could reduce the appeal of the precious metal as a safe-haven asset.

GOLD (XAU/USD) - Technical Analysis

In the gilded realm of commodities, gold continues to shimmer with a steady increase, evidenced by its 0.19% uptick on November 15, positioning it at 1967.535. The precious metal has been delicately threading above the pivot point of $1,960, hinting at continued investor confidence and potential for further gains.

Key resistance levels are spotted at $1,970 and $1,981, with a more formidable barrier at $1,993 that bulls may challenge should the momentum sustain. Support levels stand vigilant at $1,950, ready to uphold the price, followed by further cushions at $1,941 and $1,933, safeguarding against any downward volatility.

Technical indicators are painting a bullish picture with the Relative Strength Index (RSI) warmly situated at 63, signifying a market with robust bullish sentiment, yet not tipping into overbought territory. The Moving Average Convergence Divergence (MACD) confirms this outlook, with its value substantially above the signal line, signaling a bullish trend. Additionally, gold's current price buoyantly floats above the 50-Day Exponential Moving Average (EMA) of $1,960, underscoring the short-term bullish trend.

Chart patterns further bolster this optimistic view, with a recent breakout from a downward channel and a bullish crossover on the 50 EMA suggesting that buyers are steering the market. This technical development implies an encouraging scenario for gold, indicating a potential continuation of the buying trend.

In summary, gold's current trajectory is decidedly bullish, especially if it maintains its stance above the significant $1,960 level. Short-term forecasts suggest gold may ascend to test upper resistances soon, although investors are advised to remain vigilant for signs of reversal that could test lower supports.

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Daily Price Outlook

In the gilded realm of commodities, gold continues to shimmer with a steady increase, evidenced by its 0.19% uptick on November 15, positioning it at 1967.535. The precious metal has been delicately threading above the pivot point of $1,960, hinting at continued investor confidence and potential for further gains.

Key resistance levels are spotted at $1,970 and $1,981, with a more formidable barrier at $1,993 that bulls may challenge should the momentum sustain. Support levels stand vigilant at $1,950, ready to uphold the price, followed by further cushions at $1,941 and $1,933, safeguarding against any downward volatility.

Technical indicators are painting a bullish picture with the Relative Strength Index (RSI) warmly situated at 63, signifying a market with robust bullish sentiment, yet not tipping into overbought territory. The Moving Average Convergence Divergence (MACD) confirms this outlook, with its value substantially above the signal line, signaling a bullish trend. Additionally, gold's current price buoyantly floats above the 50-Day Exponential Moving Average (EMA) of $1,960, underscoring the short-term bullish trend.

Chart patterns further bolster this optimistic view, with a recent breakout from a downward channel and a bullish crossover on the 50 EMA suggesting that buyers are steering the market. This technical development implies an encouraging scenario for gold, indicating a potential continuation of the buying trend.

In summary, gold's current trajectory is decidedly bullish, especially if it maintains its stance above the significant $1,960 level. Short-term forecasts suggest gold may ascend to test upper resistances soon, although investors are advised to remain vigilant for signs of reversal that could test lower supports.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Buy Above 1960

Take Profit – 1975

Stop Loss – 1950

Risk to Reward – 1: 1.5

Profit & Loss Per Standard Lot = +$1500/ -$1000

Profit & Loss Per Mini Lot = +$150/ -$100

Daily Price Outlook

Gold's technical landscape remains delicately poised as it trades near $1944, a slight decrease from earlier sessions. The precious metal's movements reflect a broader hesitance in the market, with traders eyeing key economic data for direction. Currently, gold is trading beneath the 50-day Exponential Moving Average (EMA) of $1959, suggesting a bearish short-term outlook. However, the Relative Strength Index (RSI) at 36 hints at potential oversold conditions, possibly setting the stage for a bullish reversal if the right catalyst emerges.

Key resistance levels for gold sit at $1945 and $1970, with the latter near the psychological threshold of $2000. Should gold manage to breach these levels, it could signal renewed confidence among investors, driving further gains. Immediate support is found at $1931, and a break below could see the metal slide towards the significant support level at $1919, with further downside potential to $1908 if the bearish momentum continues.

In conclusion, while the current sentiment is bearish, the proximity of gold's price to oversold conditions and key support levels may provide a floor, with the potential for a rebound if upcoming U.S. inflation data impacts market expectations regarding the Federal Reserve's rate decisions. Traders will be closely monitoring these developments, as they could define the precious metal's trajectory in the short term.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Below 1945

Take Profit – 1930

Stop Loss – 1960

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$1500/ -$1500

Profit & Loss Per Mini Lot = +$150/ -$150

Daily Price Outlook

During the early European trading hours on Tuesday, the gold (XAU/USD) maintained its upward rally and currently stands at around $1,946 marks. However, the reason for its bullish rally can be attributed to the weaker US Dollar and a decrease in US Treasury bond yields. Moving on, investors are awaiting the release of the US Consumer Price Index (CPI) data for October. Although it is anticipated to show a 0.1% month-on-month (MoM) increase, there is also an expected 3.3% year-on-year (YoY) rise.

Furthermore, the core CPI, excluding volatile food and energy prices, is expected to grow by 0.3% MoM and 4.1% YoY. However, these upcoming CPI figures will provide fresh momentum for gold prices. Therefore, the market's reaction to the CPI data is expected to play a key role in influencing the short-term trajectory of gold.

Factors Affecting Gold Prices and Federal Reserve Watch

It is worth noting that the broad-based US dollar has been losing some of its traction, slipping to 105.65 after pulling back from the 106.00 level. Although the US Treasury bond yields are experiencing a slight decline, with the 10-year yield at 4.63%. Nevertheless, the upcoming US inflation data on Tuesday could significantly influence the Federal Reserve's stance on further tightening, particularly in light of the data-supported perspectives of the Federal Open Market Committee (FOMC).

Looking forward, traders will be closely monitoring statements from key Federal Reserve officials, including Fed Vice-Chairman Philip Jefferson, New York Fed’s John Williams, and Lisa Cook. As a result, any insights offered by these officials could provide valuable clues regarding the future direction of monetary policy and its potential impact on gold prices.

Global Developments Impacting Gold Prices

On Monday, the White House announced that US President Joe Biden and Chinese President Xi Jinping are scheduled to meet this week on the sidelines of the Asia-Pacific Economic Cooperation (APEC) summit. However, the renewed tension between the US and China could exert pressure on the US Dollar and potentially benefit the gold price.

Furthermore, the geopolitical conflicts in the Middle East remain in traders’ focus. Although the rising tension could boost the safe-haven flow demand and lift the yellow metal even more.

GOLD (XAU/USD) - Technical Analysis

Gold's technical landscape remains delicately poised as it trades near $1944, a slight decrease from earlier sessions. The precious metal's movements reflect a broader hesitance in the market, with traders eyeing key economic data for direction. Currently, gold is trading beneath the 50-day Exponential Moving Average (EMA) of $1959, suggesting a bearish short-term outlook. However, the Relative Strength Index (RSI) at 36 hints at potential oversold conditions, possibly setting the stage for a bullish reversal if the right catalyst emerges.

Key resistance levels for gold sit at $1945 and $1970, with the latter near the psychological threshold of $2000. Should gold manage to breach these levels, it could signal renewed confidence among investors, driving further gains. Immediate support is found at $1931, and a break below could see the metal slide towards the significant support level at $1919, with further downside potential to $1908 if the bearish momentum continues.

In conclusion, while the current sentiment is bearish, the proximity of gold's price to oversold conditions and key support levels may provide a floor, with the potential for a rebound if upcoming U.S. inflation data impacts market expectations regarding the Federal Reserve's rate decisions. Traders will be closely monitoring these developments, as they could define the precious metal's trajectory in the short term.

Related News

Daily Price Outlook

Gold price (XAU/USD) maintained its upward rally and gained some further traction around $1,940, up 0.22% on the day. However, the reason for its upward rally can be attributed to the weakened US dollar, which has been losing ground despite the higher yields on US Treasury bonds.

Meanwhile, the stronger-than-anticipated Consumer Price Index (CPI) data released this week heightened the probability of the Federal Reserve opting to raise interest rates once more in December. Therefore, this development was seen as a key factor curbing losses in the US dollar and putting downward pressure on gold prices. Moreover, the ongoing concerns about economic growth in China will contribute to a decline in the price of gold.

Federal Reserve's Stance on Interest Rates and Impact on Precious Metals

It is important to highlight that Mary Daly, the President of the Federal Reserve Bank of San Francisco, has yet to determine whether the bank has concluded its series of interest rate hikes aimed at curbing inflation. Meanwhile, Federal Reserve Chair Jerome Powell has underscored the commitment to tightening policies even further if deemed necessary.

Thereby, traders are keeping a close eye on crucial data this week, with particular attention on the US Consumer Price Index (CPI). If the data exceeds expectations, there is a possibility that the Federal Reserve might opt for another rate hike in December. This could be negative news for precious metals, as higher interest rates make them less appealing.

China's Economic Impact on Gold Prices and Key Data Ahead

Moreover, worries about China's economic growth was seen as another key factor that can put pressure on gold prices. China, being the largest producer and consumer of gold globally, has a significant impact on the gold price. Last week, China's Consumer Price Index (CPI) dropped by 0.2% in October, indicating potential economic challenges.

Looking ahead, investors will closely watch China's Retail Sales and Industrial Production data. Meanwhile, the key event this week is the release of the US Consumer Price Index (CPI) on Tuesday.

GOLD (XAU/USD) - Technical Analysis

In the recent trading landscape, the gold market (XAU/USD) demonstrates a sense of tenacity, as indicated by its current trading around $1,934.82. This level reflects a subtle uptick within the two-hour trading window. The technical terrain on which gold navigates is marked by a series of resistance and support thresholds that provide a framework for its potential directional moves.

A notable point of resistance lies at $1,955.71, a barrier that gold must surpass to signal a decisive shift in market sentiment towards the bullish spectrum. Further resistance levels are etched at $1,970.86 and then at the more aspirational height of $1,990.07, a summit that remains untouched in recent times, posing a formidable challenge for bullish ambitions.

On the flip side of the market's scales, immediate support is found at $1,933.67. Should this floor give way under the weight of bearish forces, subsequent safety nets are positioned at $1,920.12, followed by a significant psychological marker at $1,909.18, which may entice buyers to re-emerge.

Turning to technical indicators, the Relative Strength Index (RSI) presents a notable reading of 34.64. Such a figure places the market sentiment on the cusp of oversold conditions, potentially prefacing a stage for the bulls should a pivot occur. This, coupled with the observation that the price of gold is currently below the 50 EMA of $1,955.78, suggests that the short-term trend is bearish, yet poised for a potential reversal if the market sentiment finds renewed optimism.

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