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XAU/USD Technical Outlook – 1, Dec

The XAU/USD pair currently trades at around $1,780, positive changed for a sixth consecutive day. The daily chart shows that the Momentum indicator is pressuring its 100 level to the downside, reflecting the lack of upward strength. At the same time, the RSI indicator consolidates at around 59, maintaining the risk skewed to the upside. Furthermore, the 20 SMA heads north below the current level, providing dynamic support at around $1,737.40.

The near-term picture reflects the ongoing slide but falls short of supporting a downward extension. The pair is trading above the 23.6% retracement of its latest daily advance at $1,745.50, while a bullish 100 SMA converges with the mentioned Fibonacci level. The 20 SMA is flat, with the price seesawing around it, while technical indicators turned lower but remain within neutral levels. A clear break below the aforementioned static support level could open the door for a stepper decline towards the $1,725 price zone.

Support levels: 1,765.50 1,757.40 1,735.65  

Resistance levels: 1790, 1805, 1815

XAU/USD Technical Outlook – 30, Nov

Gold price is on the verge of yielding a symmetrical triangle breakout on the four-hour chart. The bright metal needs a  four-hour candle stick close above the falling trendline resistance at $1,759 to confirm the upside break. If Federal Reserve Chair Jerome Powell backs the dovish pivot, Gold bulls could see the much-needed boost.

A fresh upswing toward the $1,770 round figure cannot be ruled out. The next upside target is envisioned at the multi-month highs at $1,787. The Relative Strength Index (RSI) is trading listlessly while above the midline, keeping bulls hopeful.  

On the flip side, strong support is seen around the $1,750 level, where the 21, 50 and 100-Simple Moving Averages (SMA) converge. A breach of the latter will expose the rising trendline support at $1,745. A sustained move below that support could validate a downside break from the symmetrical triangle, opening floors for deeper declines toward the $1,730 round figure.

XAU/USD Technical Overview – 29, Nov

The XAU/USD daily chart shows another failure to hold above the $1,760 zone, a sign of difficulties for gold bulls. The positive for the yellow metal is that it remains well above the 20 and 100 SMAs. The Momentum indicator turned south, although it remains above the 100 level. RSI also is now pointing to the downside. The main trend remains bullish but the outlook favors some correction ahead while limited by $1,760. A decline under $1,720 would increase the bearish pressure.

In the near term, and according to the 4-hour chart, XAU/USD is pointing to the downside. The critical level in the chart is seen around $1,735 that should keep losses controlled. A break lower would put deteriorated further the outlook for the yellow metal, exposing the recent low at $1,720$. Technical indicators are directionless.

Support levels: 1,735.50 1,720.75 1,703.00  

Resistance levels: 1,760.00 1,771.10 1,785.00

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EUR/USD Technical Overview – 28, Nov

EUR/USD is displaying a lackluster performance in the Tokyo session after resurfacing from the critical support of 1.0382. The Euro pair is oscillating above the round-level support of 1.0400. The major is awaiting a potential trigger for a fresh impetus as the market mood is extremely quiet amid the holiday in the United States on account of Thanksgiving Day.

EUR/USD is playing with the 200-period Exponential Moving Average (EMA) at 1.0389 on a daily scale. The corrective move in the asset after printing a high of 1.0482 on November 15 to near 1.0226 has been supported by the upward-sloping trendline placed from November low at 0.9730. Going forward, potential resistances are plotted from June 27 high at 1.0615, and May 30 high at 1.0787.

The Relative Strength Index (RSI) (14) is oscillating in a bullish range of 60.00-80.00, which indicates that the upside momentum is active.

XAU/USD Technical Outlook – 22, Nov

The American currency lost steam ahead of the US opening, helping XAU/USD to bounce towards the $1,745 price zone. However, sellers rejected the advance around the 23.6% retracement of its latest daily rally, measured between $1,616.52 and $1,786.46 at $1,745.46, with the pair falling to fresh intraday lows afterwards.  The next Fibonacci support, the 38.2% retracement, comes at $1,720.75.

The XAU/USD daily chart shows that technical indicators have retreated further from the overbought levels touched last week, now heading south but holding within positive levels. At the same time, the 20 SMA heads firmly higher, far below the current level, while also below a directionless 100 SMA. 

In the near term, and according to the 4-hour chart, chances are of lower lows. The pair is below a firmly bearish 20 SMA, while the longer moving averages maintain their bullish slopes below the current level. The Momentum indicator consolidates within negative levels, but the RSI indicator accelerated south, currently at around 29. 

Support levels: 1,733.00 1,720.75 1,708.30

Resistance levels: 1.745.50 1,758.60 1,771.10

XAU/USD Technical Outlook – 17, Nov

XAUUSD is declining gradually towards the upward-sloping trendline placed from November 3 low at $1,616.67 on a four-hour scale. The gold prices have kissed the 50-period Exponential Moving Average (EMA) at $1.770.50 after a corrective move. While, the 100-period EMA at $1,756.00 is firmly advancing, which adds to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range from the bullish range of 60.00-40.00 amidst correction. This doesn’t reflect a change in secular trend but a loss in upside momentum cannot be ruled out.

Investors would like to play the correction by creating longs near the upward-sloping trendline. This could terminate short-term optimism in the US Dollar bulls.

Fundamental Analysis

On Monday, the Mexican peso was the best-performing currency among the 20 global currencies we track, while the Russian rouble showed the weakest results. The U.S. dollar was the leader among majors, while the Japanese yen underperformed.

U.S. Dollar Index On Monday, the U.S. Dollar Index (DXY) increased by 0.47% after Lael Brainard, the Federal Reserve (Fed) Vice Chair, signalled that the Fed may slow the rate hikes.

Inflation in the U.S. is still very high, so interest rates need to keep growing. However, rate hikes will probably move at a slower pace. According to Reuters, the markets are currently pricing in an 89% chance that the Federal Open Market Committee will slow the rate hikes to a half point at the meeting on 14 December. Another 11% bets for a 75 basis point increase. 'Fed speakers have set the tone, reminding markets that there is still a lot of work to be done to bring inflation to heal,' wrote Rodrigo Catril, senior FX strategist at the National Australia Bank. Today's focus will be on the Producer Price Index (PPI), due at 1:30 p.m. GMT. If PPI comes out stronger than expected, DXY will likely rise above 107.00

XAUUSD The gold price dropped sharply on Monday but later recovered and finished the day essentially flat at 1,771.80

XAUUSD continued to rise during the Asian session, backed by the hopes that the Fed would adopt a less hawkish policy. 'Gold has had a very strong run from $1,618 per ounce and is now due for some consolidation short term. However, the overall dominant risk remains very much to the upside,' said Clifford Bennett, chief economist at ACY Securities. Bulls are now targeting 1,800–1,810, but a higher move requires more signals of slowing inflation in the U.S. According to the U.S. Commodity Futures Trading Commission, speculators cut their net-short positions by 78% during the first week of November.

EURUSD EURUSD slightly decreased and finished the day at 1.0325.

The euro rose sharply earlier today due to the general weakness of the U.S. dollar. Fabio Panetta, the European Central Bank (ECB) board member, said that the regulator should continue raising rates 'but needs to avoid overtightening, as it could deepen an economic downturn.' Also, the eurozone industrial production rose in September, providing additional support for the euro. Today, traders should pay attention to the release of eurozone GDP data at 10.00 a.m. GMT. A higher-than-expected number will likely push EURUSD above 1.04000.

GBPUSD The British pound lost 0.7% and closed at 1.1752.

GBPUSD surged during the Asian session as the U.S. dollar retreated. Despite disappointing employment figures, which came out earlier today, the British pound managed to rise above 1.18400. The National Institute of Economic Research said that 'The Bank of England (BoE) will probably need to raise the interest rate to 4.75% to bring inflation back to its 2% target, something only likely to be achieved in three years.'

GBP/USD Technical Outlook – 15, Nov

GBPUSD is likely to face stiff resistance at 1.1850 (static level). In case it manages to rise above that level and starts using it as support, it could target 1.1900 (former support, psychological level) and 1.2000 (psychological level).

On the downside, 1.1800 (psychological level, static level) aligns as initial support before 1.1750 (20-period Simple Moving Average (SMA)) and 1.1700 (psychological level, static level).

Meanwhile, the Relative Strength Index (RSI) indicator on the four-hour chart stays below 70, suggesting that GBPUSD has more room on the upside before turning technically overbought

XAU/USD Technical Outlook – 15, Nov

The daily chart for the XAUUSD pair favors a continued advance, with market players eyeing a potential breakout of the $1,800 mark. Technical indicators in the mentioned time frame consolidate within overbought levels without signs of upward exhaustion. At the same time, the bright metal develops above its 20 and 100 SMAs, with the shorter one advancing below the longer one. Finally, the 200 SMA reinforces the resistance area around the aforementioned threshold, now at $1,803.15.

The near-term picture favors higher highs ahead. In the 4-hour chart, technical indicators turned marginally higher despite standing in overbought territory as the pair develops above bullish moving averages. The 20 SMA guides the metal higher, while the 100 SMA is crossing above the 200 SMA, both far below the current level at around $1,670, still reflecting buyers’ strength.

Support levels:  $1,762 and $1,750

Resistance levels: $1,782 and $1,795

XAU/USD Technical Outlook – 14, Nov

Gold price is pulling back after witnessing a stellar rally over the past week. The retreat comes as the yellow metal fails to sustain above the August 25 peak at $1,766. The immediate support is now seen at Friday’s low of $1,747, below which a sharp drop toward the September 12 high at $1,735 will be in the offing. The bullish 14-day Relative Strength Index (RSI) has turned south after probing the overbought territory, justifying the pullback in the Gold price.

If the upside regains traction, then Gold bulls could recapture the abovementioned resistance at $1,766, making another attempt to test the three-month highs at $1,772. The next relevant target for Gold buyers is seen at the confluence of the bearish 200-Daily Moving Average (DMA) and the August top near the $1,805 mark.

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