Daily Price Outlook

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.

GOLD (XAU/USD - Trade Idea 

Entry Price – Sell Below 1940

Take Profit – 1924

Stop Loss – 1953

Risk to Reward – 1: 1.2

Profit & Loss Per Standard Lot = +$1600/ -$1300

Profit & Loss Per Mini Lot = +$160/ -$130

Daily Price Outlook

In the current technical landscape for Gold Spot against the U.S. Dollar, the market presents a cautious narrative, reflective of broader economic sentiments. As of the latest 4-hour chart, gold is trading near the $1,958.50 mark, with minor fluctuations indicating a market in search of direction. This price point serves as a pivot in the short term, with traders closely monitoring for a decisive move.

Resistance and support levels form the battleground for bulls and bears. Immediate resistance is observed at $1,963.52, a breach of which could encourage buyers to target the $1,977.79 level, followed by a psychological and technical barrier at $2,001.29. On the flip side, support levels are etched at $1,945.37 and $1,933.67, with a critical support at $1,920.12 that may hold the key to preventing further bearish momentum.

Technical indicators add layers to our understanding. The Relative Strength Index (RSI) hovers around 42.95, below the neutral 50 mark, hinting at bearish sentiment but not yet signaling an oversold condition that could prelude a trend reversal. While the exact MACD values are not discernible, the indicator's trend suggests a cautious approach; a MACD line crossing below the signal line typically flags potential downward momentum.

The chart reveals the price is trailing below the 50 EMA of $1,970.01, suggesting a short-term bearish trend. This alignment reinforces the resistance levels outlined, painting a picture of a market not yet ready to commit to a sustained upward push.

GOLD (XAU/USD) - Technical Analysis

Entry Price – Sell Below 1958

Take Profit – 1938

Stop Loss – 1978

Risk to Reward – 1: 1

Profit & Loss Per Standard Lot = +$2000/ -$2000

Profit & Loss Per Mini Lot = +$200/ -$200

Daily Price Outlook

Gold (XAU/USD) continued its downward trend, staying at its lowest level since October 18. However, the reason for its decline can be attributed to the bearish US dollar, driven by expectations of an additional Federal Reserve rate hike. Meanwhile, the decreasing safe-haven demand was seen as another key factor that has been undermining the gold price. Notably, the precious metal retreated to the $1,955 range during the European session and is poised to mark its most substantial weekly loss in over a month.

Federal Reserve's Cautious Approach and Its Impact on Gold

It's worth noting that key members of the Federal Reserve are leaning towards a hawkish stance to control inflation. Fed Chair Jerome Powell expressed optimism about slowing inflation but isn't convinced that current measures are enough. Thereby, this confidence boost led to a rise in the 10-year US government bond yields, supporting the US dollar and putting pressure on gold prices.

In the meantime, various Fed officials, like Raphael Bostic and Thomas Barkin, suggest the need for further tightening. Patrick Harker emphasizes the importance of keeping interest rates higher for a while, and Kathleen O'Neill Paese indicates it's premature to rule out more rate hikes.

Developments Impacting Gold and Global Sentiment

Furthermore, the worries about conflicts between Israel and Hamas are easing, which is making investors less interested in the safe-haven gold (XAU/USD). Conversely, lingering worries about China's economic challenges are providing some support to gold as a secure investment. Looking ahead, traders are keeping an eye on the Michigan US Consumer Sentiment Index, which might affect the value of the US dollar. Along with overall market feelings, this could create some short-term opportunities for trading gold.

On a different note, the White House announced that Israel intends to implement daily pauses in operations in Gaza, providing people with opportunities to escape the conflict through safe passages. Persistent concerns about China's economic challenges might lend support to the safe-haven gold, especially as traders closely monitor the US Consumer Sentiment Index.

GOLD (XAU/USD) - Technical Analysis

In the current technical landscape for Gold Spot against the U.S. Dollar, the market presents a cautious narrative, reflective of broader economic sentiments. As of the latest 4-hour chart, gold is trading near the $1,958.50 mark, with minor fluctuations indicating a market in search of direction. This price point serves as a pivot in the short term, with traders closely monitoring for a decisive move.

Resistance and support levels form the battleground for bulls and bears. Immediate resistance is observed at $1,963.52, a breach of which could encourage buyers to target the $1,977.79 level, followed by a psychological and technical barrier at $2,001.29. On the flip side, support levels are etched at $1,945.37 and $1,933.67, with a critical support at $1,920.12 that may hold the key to preventing further bearish momentum.

Technical indicators add layers to our understanding. The Relative Strength Index (RSI) hovers around 42.95, below the neutral 50 mark, hinting at bearish sentiment but not yet signaling an oversold condition that could prelude a trend reversal. While the exact MACD values are not discernible, the indicator's trend suggests a cautious approach; a MACD line crossing below the signal line typically flags potential downward momentum.

The chart reveals the price is trailing below the 50 EMA of $1,970.01, suggesting a short-term bearish trend. This alignment reinforces the resistance levels outlined, painting a picture of a market not yet ready to commit to a sustained upward push.

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Daily Price Outlook

Gold (XAU/USD) price has failed to stop its downward trend and dropped near its lowest level since October 19. However, this bearish trend can be attributed to the mixed signals coming from specific Federal Reserve officials regarding potential future interest rate hikes. These uncertainties have significantly impacted the gold price, causing it to weaken.

In the meantime, investors seems less concerned about the Israel-Hamas conflict escalating further. This eased concern is leading to lower demand for gold as a safe-haven asset. Simply, gold is struggling to increase in value because people are uncertain about interest rates and, as a result, they feel more secure investing in other options due to decreased worries about geopolitical tensions.

Gold Prices Find Support Amid Expectations of Rate Policy Shift and Market Cautiousness

At the same time, the downward pressure on gold prices is moderately easing, as more people are starting to believe that the US central bank is nearing the end of its plan to raise interest rates. This belief is causing US Treasury bond yields to decline and weakening the position of the US Dollar. Furthermore, the overall cautious sentiment in the financial markets and concerns about China's economic situation are also providing support to the value of gold and stopping it from experiencing further declines.

Gold Price Stability Amid Dollar Weakness and Low Bond Yields

It's important to highlight that the price of gold remains relatively low during the European session on Thursday. Nevertheless, it's not declining significantly further, thanks to a modest weakening of the US Dollar. Notably, the yield on the 10-year US government bond, a significant indicator, is staying at a low level, which is unfavorable for the US Dollar. Hence, this situation is playing a role in stopping gold from experiencing notable losses.

China's Economic Challenges and Gold Price Support

Moreover, the latest inflation data from China indicates continued downward pressure on prices due to the nation's slowing economy. The National Bureau of Statistics reported that China's Consumer Price Index (CPI) declined by 0.1% in October, marking a departure from the 0.2% increase recorded the previous month. On an annual basis, the CPI experienced a decrease of 0.2%.

Furthermore, China's Producer Price Index (PPI) extended its downward trajectory for the 13th consecutive month, with a 2.6% decline in October. This decline was slightly more significant than the 2.5% drop previously reported but better than the anticipated 2.8% decrease. These numbers signal an ongoing pattern of decreasing prices for both consumers and producers in China.

Therefore, the reports indicating China's continued deflationary pressures and economic difficulties might contribute to some support for the price of gold.

GOLD (XAU/USD) - Technical Analysis

In today’s technical analysis, gold's trading activity reflects a subtle balance between bearish sentiment and potential bullish catalysts. Currently priced at $1,948.74, gold has registered a minor decline of 0.03% over the past 24 hours. The 4-hour chart suggests a consolidative phase as the precious metal navigates between its pivot point at $1,933.82 and immediate resistance at $1,971.76.

Looking closer at the key price levels, gold’s immediate support lies at $1,934.09, a breach of which could open the path to subsequent support levels at $1,917.03 and $1,951.86. Resistance levels to watch include $1,971.76 followed by $1,989.53 and $2,010.86. These thresholds will serve as the battlegrounds for bulls and bears in the sessions to come.

The Relative Strength Index (RSI) stands at 28, indicating an oversold market condition. This suggests that we may witness a short-term reversal as traders could interpret this as a buying opportunity. The Moving Average Convergence Divergence (MACD) exhibits a bearish trend with the MACD line residing below the signal line. This could indicate that despite the oversold condition, the market sentiment remains cautious.

The 50-day Exponential Moving Average (EMA) at $1,973.84 serves as a critical juncture. With the price currently below the 50 EMA, the short-term trend skews bearish. However, a sustained move above this level could signal the onset of bullish momentum.

As for chart patterns, careful analysis is required to discern the prevailing pattern at this juncture, along with any candlestick formations that could provide further insight into market sentiment and potential price direction.

Overall, the trend for gold appears neutral with a bullish inclination above the $1,973.84 threshold. The confluence of technical indicators and chart patterns suggests that the market is currently contemplating its next significant move. Traders should monitor these levels closely, as a break above the 50 EMA could invite further bullish activity, whereas a continued hold below could affirm the bearish pressure.

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Daily Price Outlook

In today’s technical analysis, gold's trading activity reflects a subtle balance between bearish sentiment and potential bullish catalysts. Currently priced at $1,948.74, gold has registered a minor decline of 0.03% over the past 24 hours. The 4-hour chart suggests a consolidative phase as the precious metal navigates between its pivot point at $1,933.82 and immediate resistance at $1,971.76.

Looking closer at the key price levels, gold’s immediate support lies at $1,934.09, a breach of which could open the path to subsequent support levels at $1,917.03 and $1,951.86. Resistance levels to watch include $1,971.76 followed by $1,989.53 and $2,010.86. These thresholds will serve as the battlegrounds for bulls and bears in the sessions to come.

The Relative Strength Index (RSI) stands at 28, indicating an oversold market condition. This suggests that we may witness a short-term reversal as traders could interpret this as a buying opportunity. The Moving Average Convergence Divergence (MACD) exhibits a bearish trend with the MACD line residing below the signal line. This could indicate that despite the oversold condition, the market sentiment remains cautious.

The 50-day Exponential Moving Average (EMA) at $1,973.84 serves as a critical juncture. With the price currently below the 50 EMA, the short-term trend skews bearish. However, a sustained move above this level could signal the onset of bullish momentum.

As for chart patterns, careful analysis is required to discern the prevailing pattern at this juncture, along with any candlestick formations that could provide further insight into market sentiment and potential price direction.

Overall, the trend for gold appears neutral with a bullish inclination above the $1,973.84 threshold. The confluence of technical indicators and chart patterns suggests that the market is currently contemplating its next significant move. Traders should monitor these levels closely, as a break above the 50 EMA could invite further bullish activity, whereas a continued hold below could affirm the bearish pressure.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Below 1958

Take Profit – 1933

Stop Loss – 1978

Risk to Reward – 1: 1.25

Profit & Loss Per Standard Lot = +$2500/ -$2000

Profit & Loss Per Mini Lot = +$250/ -$200

Daily Price Outlook

As we edge closer to the winter holidays, gold's luster has dimmed slightly in the past 24 hours, slipping to $1,967.63, a marginal decrease of 0.08%. The 4-hour charts whisper caution into the ears of bulls and bears alike, as the precious metal teeters near a critical juncture.

Examining the key price levels, gold is currently hovering below the pivot point of $1,953. To the upside, immediate resistance forms a gilded ceiling at $1,972, with subsequent barriers at $1,990 and $2,011. Should the bears take the reins, immediate support lies at $1,934, with further cushions at $1,916 and $1,898 awaiting any potential decline.

Turning our gaze to the technical indicators, the Relative Strength Index (RSI) is currently at 37, lurking in the shadows of bearish sentiment. This level suggests a market that is neither oversold nor in the throes of bullish fervor, possibly indicating that investors are taking a breath before the next decisive move.

The Moving Average Convergence Divergence (MACD) paints a more nuanced picture, with its value at -1.6340 and the signal at -5.3770. This observation hints at a bearish trend losing its momentum, as the MACD line attempts to bridge the gap with the signal line—a dance that could potentially herald a shift in sentiment.

Our attention then shifts to the 50-Day Exponential Moving Average (EMA), stationed at $1,979. The current price skirting below the 50 EMA signals a short-term bearish trend, suggesting the bulls are yet to build enough strength to push the asset into a definitive upward trajectory.

Chart patterns offer a more granular perspective, revealing a sideways channel breakout. Such a pattern often indicates indecision but, given the current context, it may suggest that gold is seeking a new path, outside the bounds of its recent comfort zone.

In conclusion, the overall trend for gold remains bearish below the $1,975 threshold. Short-term forecasts lean towards a test of resolve at the immediate resistance level of $1,972. Traders might watch for a potential bounce back should the price approach the immediate support level, while a breach above $1,975 could invalidate the bearish sentiment and flip the script in favor of the bulls.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Below 1976

Take Profit – 1945

Stop Loss – 1993

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$3100/ -$1700

Profit & Loss Per Mini Lot = +$310/ -$170

Daily Price Outlook

Gold (XAU/USD) has not halted its downward trajectory from the past three days, continuing to slide in today’s trading session. Yet, it remains higher than the two-week low it previously set. The dimming allure of gold is largely due to the robust performance of the US dollar, which has dampened investor interest in the precious metal. Market participants are proceeding with vigilance as they anticipate the Federal Reserve's (Fed) announcement on interest rate policies. They are eager to discern if the Fed will implement rate hikes, which could adversely affect gold's value. The outlook for gold will stay in limbo until the Fed provides clear direction.

The US dollar has rallied somewhat from its nadir since September 20, noted on Monday, placing additional downward pressure on gold. Nonetheless, the outlook is not all bleak for the precious metal, as the lukewarm sentiment pervading the equity markets, coupled with worries over China's economic downturn, are mitigating a steeper fall in gold's value. This backdrop introduces a gamble for those speculating on a decline in gold.

Fed's Hesitant Stance and Gold Price Dynamics

It's essential to recognize that various Federal Reserve (FOMC) members have recently expressed a more guarded stance on the health of the US economy, despite acknowledging its robust performance. This has cast doubt on the Fed's imminent interest rate decisions.

All eyes are on Fed Chair Jerome Powell’s statements today and tomorrow, which are expected to shed light on the Fed's likely maneuvers and consequentially impact gold's valuation. Despite the upward push from the US dollar's strength, gold's descent is restrained by the ambiguity surrounding the Fed's rate decision-making process.

Conflicting Views from Fed Authorities on Rate Hikes

Moreover, the Fed has deliberated whether the current fiscal measures might suffice in curbing inflation, sparking speculation that it might pause further rate hikes. Nevertheless, some Fed members have cast uncertainty this week by hinting at possible additional rate increases to achieve the 2% inflation goal.

Minneapolis Fed President Neel Kashkari has pointed to a strong job market, suggesting that the Fed has more work to do. Conversely, Fed Governor Michelle Bowman has indicated that another rate hike might be necessary to deflate inflation to the 2% benchmark.

Chicago Fed President Austan Goolsbee highlighted that inflation trends would be the main guide in the Fed's rate decisions, avoiding any concrete forecasts about upcoming rate changes. Hence, definitive conclusions about the Fed's plans will have to wait until their official decision is announced.

GOLD (XAU/USD) - Technical Analysis

As we edge closer to the winter holidays, gold's luster has dimmed slightly in the past 24 hours, slipping to $1,967.63, a marginal decrease of 0.08%. The 4-hour charts whisper caution into the ears of bulls and bears alike, as the precious metal teeters near a critical juncture.

Examining the key price levels, gold is currently hovering below the pivot point of $1,953. To the upside, immediate resistance forms a gilded ceiling at $1,972, with subsequent barriers at $1,990 and $2,011. Should the bears take the reins, immediate support lies at $1,934, with further cushions at $1,916 and $1,898 awaiting any potential decline.

Turning our gaze to the technical indicators, the Relative Strength Index (RSI) is currently at 37, lurking in the shadows of bearish sentiment. This level suggests a market that is neither oversold nor in the throes of bullish fervor, possibly indicating that investors are taking a breath before the next decisive move.

The Moving Average Convergence Divergence (MACD) paints a more nuanced picture, with its value at -1.6340 and the signal at -5.3770. This observation hints at a bearish trend losing its momentum, as the MACD line attempts to bridge the gap with the signal line—a dance that could potentially herald a shift in sentiment.

Our attention then shifts to the 50-Day Exponential Moving Average (EMA), stationed at $1,979. The current price skirting below the 50 EMA signals a short-term bearish trend, suggesting the bulls are yet to build enough strength to push the asset into a definitive upward trajectory.

Chart patterns offer a more granular perspective, revealing a sideways channel breakout. Such a pattern often indicates indecision but, given the current context, it may suggest that gold is seeking a new path, outside the bounds of its recent comfort zone.

In conclusion, the overall trend for gold remains bearish below the $1,975 threshold. Short-term forecasts lean towards a test of resolve at the immediate resistance level of $1,972. Traders might watch for a potential bounce back should the price approach the immediate support level, while a breach above $1,975 could invalidate the bearish sentiment and flip the script in favor of the bulls.

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Daily Price Outlook

As we observe the 4-hour chart for Gold on November 7, the precious metal presents a conundrum for traders. Currently trading at $1974, Gold has experienced a modest decline of 0.2% within the last 24 hours, hinting at a cautious sentiment among investors. The technical landscape offers mixed signals, with key price levels delineating the battlegrounds for bullish and bearish forces.

The pivot point for the session stands at $1972.03, with immediate resistance observed at $1989.73. Should this level succumb to bullish pressure, we may see attempts to challenge further resistances at $2010.39 and $2028.09. Conversely, the downside is cushioned by immediate support at $1951.97, followed by subsequent levels at $1934.26 and $1915.97.

Delving into technical indicators, the Relative Strength Index (RSI) lingers at 38, suggesting that while sellers have had the upper hand recently, the market is not yet in an oversold state which could have prompted a reversal. Meanwhile, the MACD indicator is trending bearishly as the main line remains below the signal line, reinforcing the current negative sentiment.

The 50-Day Exponential Moving Average (EMA) stands at $1981.64, just above the current price, indicating a tentative bearish bias in the short term. As for chart patterns, there's a detectable strain of bearish sentiment as no definitive pattern offers a clear directional cue, with candlestick analysis pointing towards consolidation with a slight bearish tilt.

In conclusion, the overall trend for Gold on this day appears bearish as long as it remains below the crucial threshold of $1975. However, the markets remain on a knife-edge, with any shift in sentiment or macroeconomic trigger capable of swinging prices in either direction. Traders would be wise to keep an eye on the aforementioned technical levels and indicators to gauge the next likely move in this precious metal.

GOLD (XAU/USD) - Trade Idea 

Entry Price – Sell Below 1976

Take Profit – 1945

Stop Loss – 1993

Risk to Reward – 1: 1.8

Profit & Loss Per Standard Lot = +$3100/ -$1700

Profit & Loss Per Mini Lot = +$310/ -$170

Daily Price Outlook

Gold (XAU/USD) price failed to maintain its recent gains and declined on Tuesday. It is currently trading just below the $1,970 level, marking a nearly two-week low. However, the reason for its decline can be attributed to the bullish US Dollar, which rebounding from its lowest level since September 20, putting downward pressure on gold.

Furthermore, the lack of developments in the Israel-Hamas conflict has prompted investors to shift away from safe-haven assets like gold. In the meantime, the ongoing strength of the USD is a crucial factor contributing to the decline in the price of gold. It's worth noting that there is a belief that the Federal Reserve (Fed) may not raise interest rates further, which could potentially help limit gold's losses in the face of economic uncertainties.

Factors Influencing Gold Prices Amidst Global Uncertainties and FOMC Indicators

Notably, the ongoing concerns about a potentially expanding crisis in the Middle East, along with economic uncertainties, especially in China and Europe, are causing concern among investors. This uncertainty is evident in the relatively negative sentiment in the stock markets, which, in turn, is offering some support to the price of safe-haven gold.

Moving forward, the release of US Trade Balance data on Tuesday may have an impact on trading during the early North American session. However, the primary focus will be on speeches from several influential members of the Federal Open Market Committee (FOMC). Furthermore, factors such as geopolitics and overall market sentiment will also play a significant role in determining the direction in which the price of gold moves next.

Factors Influencing Gold Prices and the Federal Reserve's Uncertainty

It's important to note that the uncertainty surrounding the Federal Reserve's next actions is prompting some investors to repurchase their short positions in the US Dollar, which is exerting downward pressure on the price of gold. However, the recent report on US jobs, published on Friday, has reinforced the belief that the Federal Reserve will maintain its current stance in their December meeting.

Fed Governor Lisa Cook mentioned on Monday that the present interest rate target should suffice to bring inflation back to the central bank's 2% target. Minneapolis Fed President Neel Kashkari added that the US economy has demonstrated considerable resilience, and exercising excessive caution in raising rates won't help in achieving the 2% inflation target within a reasonable timeframe.

GOLD (XAU/USD) - Technical Analysis

As we observe the 4-hour chart for Gold on November 7, the precious metal presents a conundrum for traders. Currently trading at $1974, Gold has experienced a modest decline of 0.2% within the last 24 hours, hinting at a cautious sentiment among investors. The technical landscape offers mixed signals, with key price levels delineating the battlegrounds for bullish and bearish forces.

The pivot point for the session stands at $1972.03, with immediate resistance observed at $1989.73. Should this level succumb to bullish pressure, we may see attempts to challenge further resistances at $2010.39 and $2028.09. Conversely, the downside is cushioned by immediate support at $1951.97, followed by subsequent levels at $1934.26 and $1915.97.

Delving into technical indicators, the Relative Strength Index (RSI) lingers at 38, suggesting that while sellers have had the upper hand recently, the market is not yet in an oversold state which could have prompted a reversal. Meanwhile, the MACD indicator is trending bearishly as the main line remains below the signal line, reinforcing the current negative sentiment.

The 50-Day Exponential Moving Average (EMA) stands at $1981.64, just above the current price, indicating a tentative bearish bias in the short term. As for chart patterns, there's a detectable strain of bearish sentiment as no definitive pattern offers a clear directional cue, with candlestick analysis pointing towards consolidation with a slight bearish tilt.

In conclusion, the overall trend for Gold on this day appears bearish as long as it remains below the crucial threshold of $1975. However, the markets remain on a knife-edge, with any shift in sentiment or macroeconomic trigger capable of swinging prices in either direction. Traders would be wise to keep an eye on the aforementioned technical levels and indicators to gauge the next likely move in this precious metal.

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Daily Price Outlook

Gold (XAU/USD) price has extended its bearish trend and is currently hovering around the $1,980 mark. However, the reason for its downward rally can be linked to the strength of the US dollar, which has been reinforced by a increase in US Treasury bond yields. Consequently, the robust US dollar has become a major factor exerting downward pressure on the gold. Furthermore, the risk-on sentiment in the market has also played a key role in keeping gold prices under pressure.

Notably, the Federal Reserve's expected decision to keep interest rates unchanged in December and stop further rate hikes could weaken the US dollar's strength. This, in turn, might lend some support to gold prices. Besides this, concerns about an escalation in the Israel-Hamas conflict were seen as another key factor that could help the gold price to limit its deeper losses.

Factors Influencing the US Dollar and Gold Prices

It's important to note that the US Dollar is making a modest recovery from a six-week low and this upturn is supported by an increase in US Treasury bond yields, exerting pressure on Gold prices. Meanwhile, the anticipations that the Federal Reserve won't raise rates further, driven by weaker US economic data released on Friday, are likely to hinder a significant strengthening of the US Dollar.

According to the latest data, Non-Farm Payroll (NFP) report for October showed that the US economy added 150,000 jobs, falling short of the expected 180,000. Even worse, the previous month's job figures were revised down from 336,000 to 297,000, which is not a good sign.

Furthermore, the US ISM Non-Manufacturing PMI dropped to 51.8 in October, marking a five-month low compared to the previous month's 53.6. This supports the expectation that the Fed will probably uphold its current policies at the December meeting. The combination of these factors might affect the Dollar's trajectory and potentially impact Gold prices.

Geopolitical Uncertainties Boost Gold Prices

Furthermore, Israel has rejected calls for a ceasefire in Gaza and is planning to intensify its operations against the Palestinian group, Hamas. Israel's chief military spokesperson mentioned that they targeted Hezbollah's terrorist sites in southern Lebanon as a response to a missile attack that killed an Israeli citizen. In retaliation, Hezbollah fired rockets at Kiryat Shmona in northern Israel, vowing not to tolerate attacks on civilians and promising a strong response.

Hassan Nasrallah, the leader of Hezbollah, stated that his Iran-backed group is not deterred by the presence of US warships, and they are considering all options for an expansion of the conflict into Lebanon. This situation has raised concerns about further escalation in the region.

Therefore, the news of escalating conflict in the region often increases uncertainty, which can drive investors towards safe-haven assets like gold, potentially causing upward pressure on its price.

GOLD (XAU/USD) - Technical Analysis

As the financial markets open their doors to a new trading week, the spotlight falls on Gold, which has recently been the subject of heightened investor attention. The precious metal is trading at $1,983.755, marking a slight decline of 0.46% in the past 24 hours. This movement is captured within the confines of a 4-hour chart, offering a granular view of the oscillations between key support and resistance levels.

At the heart of the technical analysis are the pivot points, which serve as beacons for potential price movements. The immediate pivot point stands at $1,990, with subsequent resistance levels etched at $2,010, $2,029, and $2,048. On the flip side, support levels are found at $1,972, $1,952, and $1,934, each representing a potential floor for price dips.

The narrative of the technical indicators adds depth to the analysis. The Relative Strength Index (RSI), a measure of momentum, reads at 46, indicating a market in equilibrium without a clear directional bias. This neutrality in sentiment is a hallmark of a market in contemplation, weighing its next significant move. The 50-Day Exponential Moving Average (EMA), currently at $1,989, straddles the current price, further emphasizing the market's indecisive stance.

The chart patterns lend an additional layer of insight. A symmetrical triangle formation is observed, a pattern often associated with periods of consolidation followed by a breakout. This pattern, coupled with a recent doji candlestick, underscores the market's current state of hesitation.

In conclusion, the technical outlook for Gold is delicately poised. The overall trend skews towards the bullish side, contingent on the metal's ability to sustain itself above the $1,982 threshold. Should this level hold, the coming days may see Gold challenge the immediate resistance at $2,010, as buyers attempt to wrest control from the grips of uncertainty.

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