Daily analysis
Gold - Gold is stuck in a struggle to change, waiting for U.S. employment data
Gold is in a narrow range of competition on Tuesday, roughly following the rampant trend of the US dollar, and the market is waiting for further economic clues. Before the release of Friday’s U.S. non-farm employment report, investors’ focus will shift to Wednesday’s ADP employment report and Federal Reserve Chairman Powell’s speech. Traders currently believe that the probability of the Federal Reserve cutting interest rates by 25 basis points in December is about 72%. The yield of 10-year government bonds fell to the lowest point in more than a month, which also limited the decline in gold prices.
As shown in the technical chart, the RSI and the stochastic index have rebounded since the oversold area, and it is expected that the gold price will stabilize again. The closer support is expected to be $2,620 and 2,600, and the next level refers to the 100-day average of $2,577. The fall in gold prices in mid-November also happens to be supported at the 100-day average. The key will be in 2535, from the bottom of the consolidation from May to June to around $2,280 to the end of last month, a cumulative increase of nearly $510, half of which is $255 to $2,535. As for the current closer resistance, let’s look at the 25-day average of $2,653 and $2,666, and the next level of resistance is estimated at $2,690 and $2,725.
Gold is in a narrow range of competition on Tuesday, roughly following the rampant trend of the US dollar, and the market is waiting for further economic clues. Before the release of Friday’s U.S. non-farm employment report, investors’ focus will shift to Wednesday’s ADP employment report and Federal Reserve Chairman Powell’s speech. Traders currently believe that the probability of the Federal Reserve cutting interest rates by 25 basis points in December is about 72%. The yield of 10-year government bonds fell to the lowest point in more than a month, which also limited the decline in gold prices.
As shown in the technical chart, the RSI and the stochastic index have rebounded since the oversold area, and it is expected that the gold price will stabilize again. The closer support is expected to be $2,620 and 2,600, and the next level refers to the 100-day average of $2,577. The fall in gold prices in mid-November also happens to be supported at the 100-day average. The key will be in 2535, from the bottom of the consolidation from May to June to around $2,280 to the end of last month, a cumulative increase of nearly $510, half of which is $255 to $2,535. As for the current closer resistance, let’s look at the 25-day average of $2,653 and $2,666, and the next level of resistance is estimated at $2,690 and $2,725.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.