GOLD → Fundamental Swing. What to expect from gold?

8. Nov.

XAUUSD updates the low to 2643. The reason - change of fundamental background and outflow of funds to safer assets... But, Powell supported the metal by lowering the US interest rate....



Overall, the fundamental backdrop for gold has changed to negative. The impact is not short-term and can only increase further, but the metal will be supported by the Chinese market and the Middle East conflict. Yesterday gold strengthened to 2710, testing key resistance on the back of 0.25% interest rate cut. Powell gave a hint that the Feds are generally willing to continue the easing course. The environment is quite interesting...
Technically, gold is in a local descending channel and below 0.5 Fibo. If the bears keep the 0.5 - 0.7 fibo zone under their control, gold may continue to weaken towards 2650 - 2600.

Resistance levels: 2696, 2714, 2720
Support levels: 2685, 2652

Technically, after a busy week, the metal may go into a consolidation phase, for example in the area of 2714 - 2685, but it is still worth paying attention to resistance and support from which strong moves can be formed...

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!