GOLD MARKET ANALYSIS AND COMMENTARY - [Dec 02 - Dec 06]
This week, international 
XAUUSD fell quite sharply from 2,721 USD/oz to 2,605 USD/oz, then increased slightly and closed the week at 2,650 USD/oz.
The reason why gold prices dropped sharply in the early sessions of this week was because President-elect Donald Trump nominated Mr. Scott Bessent, a traditional Wall Street financier, to hold the position of the US Treasury. The market expects Mr. Bessent to contribute to stabilizing the US economy and increasing the strength of the USD.
Besides, a ceasefire between Israel and Lebanon, announced earlier this week, also eased worries about geopolitical tensions, reducing the appeal of gold as a safe haven.
In particular, Mr. Trump threatened to impose a 25% tax on Mexican and Canadian goods imported into the US and proposed imposing a 10% tax on all products from China, also increasing concerns about a tariff war. , causing the FED to delay reducing interest rates, or even increase interest rates again.
In addition, the US Personal Consumption Expenditure Index (PCE) in November still increased by 2.8% over the same period last year, higher than forecast and much higher than the FED's target of 2%. This may make the FED more cautious in continuing to cut interest rates in the short term.
Many people believe that the gold market will have some unpredictable fluctuations in the near future as it continuously reacts to Mr. Trump's comments before his inauguration.
In the short term, gold prices next week will continue to be dominated by statements posted on social networks by Mr. Trump. In addition, the market will focus on important US economic data, such as manufacturing and service PMI index; Employment indexes: ADP, NFP, unemployment rate... If US employment figures, especially NFP, increase stronger than expected, it may cause the FED to delay cutting interest rates at the December meeting. coming, causing gold prices to come under pressure to adjust next week. On the contrary, if US employment figures continue to decline sharply, it will cause the FED to continue cutting interest rates, thereby positively supporting gold prices next week.
📌Technically, on the H4 chart, gold price may still fluctuate between 2,500 - 2,750 USD/oz.
Notable technical levels are listed below.
Support: 2,600 – 2,606 – 2,634USD
Resistance: 2,693 – 2,663USD
SELL XAUUSD PRICE 2751 - 2749⚡️
↠↠ Stoploss 2755
BUY XAUUSD PRICE 2539 - 2541⚡️
↠↠ Stoploss 2535
XAUUSD fell quite sharply from 2,721 USD/oz to 2,605 USD/oz, then increased slightly and closed the week at 2,650 USD/oz.The reason why gold prices dropped sharply in the early sessions of this week was because President-elect Donald Trump nominated Mr. Scott Bessent, a traditional Wall Street financier, to hold the position of the US Treasury. The market expects Mr. Bessent to contribute to stabilizing the US economy and increasing the strength of the USD.
Besides, a ceasefire between Israel and Lebanon, announced earlier this week, also eased worries about geopolitical tensions, reducing the appeal of gold as a safe haven.
In particular, Mr. Trump threatened to impose a 25% tax on Mexican and Canadian goods imported into the US and proposed imposing a 10% tax on all products from China, also increasing concerns about a tariff war. , causing the FED to delay reducing interest rates, or even increase interest rates again.
In addition, the US Personal Consumption Expenditure Index (PCE) in November still increased by 2.8% over the same period last year, higher than forecast and much higher than the FED's target of 2%. This may make the FED more cautious in continuing to cut interest rates in the short term.
Many people believe that the gold market will have some unpredictable fluctuations in the near future as it continuously reacts to Mr. Trump's comments before his inauguration.
In the short term, gold prices next week will continue to be dominated by statements posted on social networks by Mr. Trump. In addition, the market will focus on important US economic data, such as manufacturing and service PMI index; Employment indexes: ADP, NFP, unemployment rate... If US employment figures, especially NFP, increase stronger than expected, it may cause the FED to delay cutting interest rates at the December meeting. coming, causing gold prices to come under pressure to adjust next week. On the contrary, if US employment figures continue to decline sharply, it will cause the FED to continue cutting interest rates, thereby positively supporting gold prices next week.
📌Technically, on the H4 chart, gold price may still fluctuate between 2,500 - 2,750 USD/oz.
Notable technical levels are listed below.
Support: 2,600 – 2,606 – 2,634USD
Resistance: 2,693 – 2,663USD
SELL XAUUSD PRICE 2751 - 2749⚡️
↠↠ Stoploss 2755
BUY XAUUSD PRICE 2539 - 2541⚡️
↠↠ Stoploss 2535
Nota
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.Nota
Nota
Gold prices fell on Monday (December 2), breaking a streak of four straight sessions of gains, as the dollar strengthened and investors braced for key economic data and details from the Reserve The US Federal Reserve (Fed) on interest rate roadmap.Nota
The gold market is going through a tense period, as investors and analysts focus their attention on upcoming US economic data. These figures are expected to be the "key" to decoding the Fed's monetary policy direction in the coming months.Nota
According to the Fed, the upcoming JOLTS employment data can provide a more comprehensive picture of the basic trend of the economy in the near future.
The possibility of a rate cut is currently valued at 70%, but this number could change based on today's data and will impact the USD.
Nota
▫️Spot Gold hit $2,650 an ounce or more, up 0.25% on the day.Nota
Gold increased to 2,654 USD/ozNota
Gold price is around 2,652 USD/ounce, up 10 USD compared to before. Gold prices increased again mainly due to the previous strong downward adjustment and investors still expect a long-term upward trend of this precious metal when the US and the world are entering a cycle of reducing interest rates to reduce interest rates. support economic growth.
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