GOLD Price Edges Lower, Eyes Support Zone and Key Economic Data
Gold Price Edges Lower, Eyes Support Zone and Key Economic Data
The Gold price (XAU/USD) faces a minor setback, hovering near $1,978 in early Monday trading. A softer US Dollar (USD) and declining US Treasury bond yields provide some support. Technically, the price is retesting the 50%-61.8% Fibonacci area within a Demand/Support Zone, suggesting a potential shift towards a bullish trend.
Looking ahead, gold traders are focused on the upcoming FOMC Meeting Minutes on Tuesday for market direction. Additionally, key economic data, including US Durable Goods Orders on Wednesday and the preliminary US S&P Global Manufacturing PMI for November on Friday, will play a crucial role in shaping trading opportunities around the gold price.
Our preference
Long positions above 1955.500 with targets at 2000.00 & 2007.000 in extension.
The Gold price (XAU/USD) faces a minor setback, hovering near $1,978 in early Monday trading. A softer US Dollar (USD) and declining US Treasury bond yields provide some support. Technically, the price is retesting the 50%-61.8% Fibonacci area within a Demand/Support Zone, suggesting a potential shift towards a bullish trend.
Looking ahead, gold traders are focused on the upcoming FOMC Meeting Minutes on Tuesday for market direction. Additionally, key economic data, including US Durable Goods Orders on Wednesday and the preliminary US S&P Global Manufacturing PMI for November on Friday, will play a crucial role in shaping trading opportunities around the gold price.
Our preference
Long positions above 1955.500 with targets at 2000.00 & 2007.000 in extension.
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