According to a report by the World Gold Council (WGC), the People's Bank of China (PBOC) bought gold for reserves in November after a 6-month pause. China's gold reserves rose to 72.96 million ounces of pure gold at the end of November, up from 72.8 million ounces the previous month. In November, gold prices dropped sharply due to the sell-off after the US election results.
WGC said that central banks' demand for gold continues to be positive. The main motivation for buying gold is to diversify foreign exchange reserves and reduce dependence on the USD.
In the US, the market is looking towards an interest rate adjustment by the Federal Reserve (Fed). According to MT Newswires, strong labor market data reduces immediate pressure on the Fed to accelerate interest rate cuts.
🔥 XAUUSD SELL 2676 - 2678🔥
💵 TP1: 2650
💵 TP2: 2640
💵 TP3: OPEN
🚫 SL: 2686
🔥 XAUUSD BUY 2653 - 5651🔥
💵 TP1: 2665
💵 TP2: 2675
💵 TP3: OPEN
🚫 SL: 2646
WGC said that central banks' demand for gold continues to be positive. The main motivation for buying gold is to diversify foreign exchange reserves and reduce dependence on the USD.
In the US, the market is looking towards an interest rate adjustment by the Federal Reserve (Fed). According to MT Newswires, strong labor market data reduces immediate pressure on the Fed to accelerate interest rate cuts.
🔥 XAUUSD SELL 2676 - 2678🔥
💵 TP1: 2650
💵 TP2: 2640
💵 TP3: OPEN
🚫 SL: 2686
🔥 XAUUSD BUY 2653 - 5651🔥
💵 TP1: 2665
💵 TP2: 2675
💵 TP3: OPEN
🚫 SL: 2646
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PREMIUM CHANNEL ✉️
🔴9-12 signals per day
🔴Free knowledge support
🔴24/7 support for newbies.
🔴You always have priority.
t.me/xauusdtradingfx
🔴9-12 signals per day
🔴Free knowledge support
🔴24/7 support for newbies.
🔴You always have priority.
t.me/xauusdtradingfx
Related publications
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.