GOLD recovered slightly with main bearish outlook
When the US Dollar index 
DXY rose to its highest level this year, which has reduced the investment appeal of 
XAUUSD fell again and gold prices plummeted to a 2-month low. Federal Reserve Chairman Jerome Powell recently suggested that there may not be any interest rate cuts in December.
According to data released by the US Bureau of Labor Statistics on Thursday, the US producer price index (PPI) in October increased 2.4% year-on-year, higher than the increase of 2.0%. 3% expected and higher than the 1.9% increase in September.
Core PPI, which typically influences the core personal consumption expenditures price index (PCE), rose 3.1% year-on-year, up from 2.9% previously and above expectations of 3%.
Additionally, Thursday's data also showed the number of Americans filing initial unemployment claims fell to its lowest level since May last week, suggesting labor demand remains solid after the storms. and recent strikes.
The U.S. Department of Labor reported that the number of Americans filing initial unemployment claims fell by 4,000 to 217,000 in the week ended November 9, compared with a median forecast of 220,000.
Gold prices have fallen for five consecutive days and this week's drop could exceed 4%, which is expected to be the biggest weekly drop since June 2021.
Powell's hawkish comments signal a "major shift" in the Fed's outlook for rate cuts
Federal Reserve Chairman Jerome Powell said on Thursday that the central bank does not need to "rush" to lower interest rates due to the strength of the US economy and that the central bank will "watch carefully" to ensure that certain measures of inflation remain at acceptable levels.
“The economy is not sending any signals that we need to rush to cut interest rates,” Powell said in a speech to business leaders in Dallas. The strength of the economy we are seeing now allows us to make prudent decisions.”
In an upbeat assessment of the current situation, Powell said domestic economic growth in the US is “so far better than in other major economies around the world”.
Powell reiterated that the Fed's path to adjusting interest rates will depend on upcoming data and developments in the economic outlook.
On Asian markets on Friday (November 15), spot gold maintained a recovery trend during the day and gold prices are currently at around 2,570 USD/ounce. Today, the US Census Bureau will release retail sales data for October, which is expected to cause significant volatility in the gold market over the weekend.
Surveys show U.S. retail sales are expected to rise 0.3% monthly in October, after rising 0.4% in September.
US retail sales data is known as "big data" because it typically has a larger impact on financial markets, potentially influencing the trend of assets such as the US dollar and gold.
If US retail sales data is stronger than expected, the US Dollar could strengthen, thus continuing to pressure gold. On the other hand, the weaker-than-expected retail sales report will stimulate gold prices to recover further after the recent long series of declines.
Analysis of technical prospects forXAUUSD
On the daily chart, gold recovered without reaching the horizontal support level of 2,528 USD. Note to readers in yesterday's edition.
Although gold has recovered to return to above 2,548 USD, in general its short-term trend is still inclined to the downside with the price channel as the short-term trend.
In addition, the technical recovery prospect is also encountering some resistance from the lower edge of the price channel, the resistance level of 2,588 USD and the 0.786% Fibonacci retracement level.
On the other hand, the Relative Strength Index has not yet reached support from the selling area, so there may still be room for a decline in momentum ahead.
The main trend of gold in the short and medium term is still downtrend, the recoveries are only considered short-term adjustments and the notable points will be listed as follows.
Support: 2,550 – 2,548USD
Resistance: 2,581 – 2,588 – 2,600USD
SELL XAUUSD PRICE 2621 - 2619⚡️
↠↠ Stoploss 2625
→Take Profit 1 2614
↨
→Take Profit 2 2609
BUY XAUUSD PRICE 2519 - 2521⚡️
↠↠ Stoploss 2515
→Take Profit 1 2526
↨
→Take Profit 2 2531
DXY rose to its highest level this year, which has reduced the investment appeal of XAUUSD fell again and gold prices plummeted to a 2-month low. Federal Reserve Chairman Jerome Powell recently suggested that there may not be any interest rate cuts in December.According to data released by the US Bureau of Labor Statistics on Thursday, the US producer price index (PPI) in October increased 2.4% year-on-year, higher than the increase of 2.0%. 3% expected and higher than the 1.9% increase in September.
Core PPI, which typically influences the core personal consumption expenditures price index (PCE), rose 3.1% year-on-year, up from 2.9% previously and above expectations of 3%.
Additionally, Thursday's data also showed the number of Americans filing initial unemployment claims fell to its lowest level since May last week, suggesting labor demand remains solid after the storms. and recent strikes.
The U.S. Department of Labor reported that the number of Americans filing initial unemployment claims fell by 4,000 to 217,000 in the week ended November 9, compared with a median forecast of 220,000.
Gold prices have fallen for five consecutive days and this week's drop could exceed 4%, which is expected to be the biggest weekly drop since June 2021.
Powell's hawkish comments signal a "major shift" in the Fed's outlook for rate cuts
Federal Reserve Chairman Jerome Powell said on Thursday that the central bank does not need to "rush" to lower interest rates due to the strength of the US economy and that the central bank will "watch carefully" to ensure that certain measures of inflation remain at acceptable levels.
“The economy is not sending any signals that we need to rush to cut interest rates,” Powell said in a speech to business leaders in Dallas. The strength of the economy we are seeing now allows us to make prudent decisions.”
In an upbeat assessment of the current situation, Powell said domestic economic growth in the US is “so far better than in other major economies around the world”.
Powell reiterated that the Fed's path to adjusting interest rates will depend on upcoming data and developments in the economic outlook.
On Asian markets on Friday (November 15), spot gold maintained a recovery trend during the day and gold prices are currently at around 2,570 USD/ounce. Today, the US Census Bureau will release retail sales data for October, which is expected to cause significant volatility in the gold market over the weekend.
Surveys show U.S. retail sales are expected to rise 0.3% monthly in October, after rising 0.4% in September.
US retail sales data is known as "big data" because it typically has a larger impact on financial markets, potentially influencing the trend of assets such as the US dollar and gold.
If US retail sales data is stronger than expected, the US Dollar could strengthen, thus continuing to pressure gold. On the other hand, the weaker-than-expected retail sales report will stimulate gold prices to recover further after the recent long series of declines.
Analysis of technical prospects for
XAUUSD On the daily chart, gold recovered without reaching the horizontal support level of 2,528 USD. Note to readers in yesterday's edition.
Although gold has recovered to return to above 2,548 USD, in general its short-term trend is still inclined to the downside with the price channel as the short-term trend.
In addition, the technical recovery prospect is also encountering some resistance from the lower edge of the price channel, the resistance level of 2,588 USD and the 0.786% Fibonacci retracement level.
On the other hand, the Relative Strength Index has not yet reached support from the selling area, so there may still be room for a decline in momentum ahead.
The main trend of gold in the short and medium term is still downtrend, the recoveries are only considered short-term adjustments and the notable points will be listed as follows.
Support: 2,550 – 2,548USD
Resistance: 2,581 – 2,588 – 2,600USD
SELL XAUUSD PRICE 2621 - 2619⚡️
↠↠ Stoploss 2625
→Take Profit 1 2614
↨
→Take Profit 2 2609
BUY XAUUSD PRICE 2519 - 2521⚡️
↠↠ Stoploss 2515
→Take Profit 1 2526
↨
→Take Profit 2 2531
Anmerkung
Over the past 2 weeks, gold investors have been worried as they witnessed the price of this precious metal fall from the price range of 2,800 USD/ounce to more than 2,500 USD/ounce. Despite being soothed by the information that gold is still strongly supported in the medium and long term, gold holders are still "anxious" as prices continue to decline day by day.Anmerkung
![GOLD MARKET ANALYSIS AND COMMENTARY - [Nov 18 - Nov 22]](https://s3.tradingview.com/c/cz2bmADS_mid.png)
Anmerkung
Gold prices started a new trading week this morning (November 18) in a state of strong increase, after recording the strongest weekly decline in more than 3 years last week. However, experts say that the pressure to depreciate this precious metal is still great due to profit-taking activities of investors, the upward trend of the USD, and expectations of interest rate reduction that have become weaker after the election. elect US president.Anmerkung
This week, the market will focus on PMI data from major economies, inflation in the UK and questions about the possibility of a "soft landing" of the US economy. PMI and CPI data will be important factors in determining global growth and inflation trends amid current uncertainty.Anmerkung
Gold increased to above 2,610 USD/ozAnmerkung
At the end of the trading session on November 18, the spot gold contract increased 1.8% to 2,608.19 USD/oz, escaping the 2-month low recorded on November 14. Gold futures contracts added 1.7% to 2,614.60 USD/oz.Anmerkung
At the beginning of the week, the news from the White House + Biden side towards Russia was a bit hot.
Also contributing to GOLD's influence from the beginning of the week until now⚡️
Anmerkung
Gold prices rose for the second consecutive session on Tuesday (November 19), reaching their highest level in a week as rising Russia-Ukraine tensions led to a rush to safe-haven assets, in as investors wait for important signals about the interest rate plan of the US Federal Reserve (Fed).
🔰| Forex trading
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
🧩Get an average of 1200 pips per month
🧩Consulting on Risk Management
🧩Account management
🧩Forex signals have a high win rate
🚨🚨🚨FREE SIGNALS: t.me/+8q3AxDD9CsRjYzI1
Verbundene Veröffentlichungen
Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.