GOLD is headed for a 5th day of increase

22 Nov

XAUUSD rose for a fourth straight day and is headed for a fifth day of gains on Friday (November 22) as safe-haven demand picks up while traders assess the prospect of further policy easing by the Federal Reserve. Federal Reserve and increasingly escalating geopolitical risks.

Gold prices recovered above $2,680 and were on track for their best weekly performance since April as the war between Russia and Ukraine escalated.

Ukraine says Russia has launched a "new" ballistic missile toward the city of Dnipro, sending a worrying signal to Western supporters of Kiev. Escalating geopolitical tensions often push investors toward safe-haven assets like gold.

When the United States vetoed the United Nations ceasefire resolution in Gaza, relations between Russia and Ukraine became tense again, ensuring gold's long-term appeal.

Investors have flocked to safe-haven assets during the global crisis and gold prices have hit multiple record highs since conflict in the Middle East erupted last October.

Since the beginning of this year, gold prices have risen nearly 30%, supported by solid central bank gold purchases, growing safe-haven demand and a cycle of interest rate cuts by the Reserve Federal.

Although the recovery of the US Dollar put pressure on gold prices, safe-haven demand helped gold prices offset this pressure. A stronger US Dollar often makes goods priced in Dollars more expensive and less attractive.

Spot gold prices rose 4% this week, their best gain since April, recovering from their biggest weekly drop in more than three years last week. Gold's decline was fueled by a rise in the US Dollar fueled by Trump's victory in the race for the White House.

Investors are also focusing on several Fed officials expected to speak this week. Market expectations for a December rate cut have weakened significantly, with the probability now at 59.4%, much lower than 82.5% a week ago.

Analysis of technical prospects for XAUUSD
On the daily chart, gold broke out of the downtrend from the price channel and initially achieved the conditions for a new bullish cycle to be formed with a move above the EMA21 level.

In addition, the Relative Strength Index is also pointing up to surpass 50, which is considered a signal for price increases in the near future.

In the immediate future, gold will need to test and surpass the original price level of 2,700 USD. Normally, the original price levels are considered resistance or support depending on price position conditions. If gold surpasses 2,700 USD and maintains stability above the 0.382% Fibonacci retracement level, it will be able to continue to increase by more than 30 Dollars to reach the 0.236% Fibonacci level.

Currently, gold has the conditions for a bullish cycle, so technically, combined with the escalating geopolitical risk of market shock, the trend of gold is leaning more towards the possibility of price increases.

Notable technical points will be listed as follows.
Support: 2,684 - 2,668USD
Resistance: 2,697 - 2,700 - 2,732USD

SELL XAUUSD PRICE 2711 - 2709⚡️
↠↠ Stoploss 2715

→Take Profit 1 2704
↨
→Take Profit 2 2699

BUY XAUUSD PRICE 2639 - 2641⚡️
↠↠ Stoploss 2635

→Take Profit 1 2646
↨
→Take Profit 2 2651

25 Nov

Nota

26 Nov

Nota

🔴SPOT Gold is $10 higher, now at $2628.40 per ounce.

26 Nov

Nota

Gold prices are struggling to capitalize on a modest intraday rebound from $2,600 an ounce, or a one-week low, and remained negative for a second straight day on Tuesday.

27 Nov

Nota

After a drop of nearly 100 USD/oz on Monday, world gold prices changed to a state of struggle on Tuesday in the US market and this morning (November 27) in the Asian market. The ceasefire agreement between Israel and Lebanon reduces the risk premium in gold prices, but the demand for "shelters" still remains at a certain level when the Russia-Ukraine war is still tense.

27 Nov

Nota

XAUUSD is back in the 2600-2650 range after briefly trading above 2675. However, the price does not emphasize the trend, showing sideways movement.

28 Nov

Nota

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