Gold Price Analysis November 18

2024年11月18日

Fundamental Analysis
Gold extended its recovery to test $2,600 amid rising Russia-Ukraine tensions, ending a six-day losing streak. The latest gold rally could be due to rising Russia-Ukraine geopolitical tensions after the United States authorized Ukraine to use long-range US weapons to attack Russia.

The greenback’s rally following Donald Trump’s election victory could put some selling pressure on USD-denominated gold. Expectations of higher inflation next year due to Donald Trump’s policies have led to fewer expected rate cuts.

In addition, traders have reduced expectations of lower interest rates in December after Fed Chairman Jerome Powell said the US central bank would not rush to cut, citing “remarkable” economic performance. Higher interest rates tend to drag gold prices lower, as it makes holding non-yielding assets like gold less attractive.

Technical analysis.
Gold prices have reacted at the EMA 34 zone, which is also an important dynamic resistance zone in the Asian session. The price zone of special note today is 2617-2615 at the upper boundary and the Asian session breakout support zone this morning is around 2575. The possibility of an uptrend and the formation of wave 3 has also been established according to the technical chart, so BUY signals will be prioritized today.

2024年11月18日

交易進行

Gold has a sweep to 2580. When the candle closes above 2590, there will be further price increases as analyzed.

2024年11月18日

交易結束：目標達成

Gold benefits from escalating geopolitical tensions, rises above $2,600
After suffering large losses in the previous week, Gold gathers recovery momentum and trades in positive territory above $2,600 on Monday. In the absence of high-tier data releases, escalating geopolitical tensions help XAU/USD hold its ground.

2024年11月19日

註釋

Gold price extends recovery above $2,600 on softer US Dollar
Gold price gathers recovery momentum above $2,600 early Tuesday. In the absence of high-tier data releases, escalating geopolitical tensions between Russia and Ukraine help Gold price recover some ground. A sustained US Dollar pullback also aids the Gold price turnaround ahead of Fedspeak.