What To Expect from Gold In the upcoming week

What To Expect from Gold In the upcoming week

2023-11-17 • Updated

Gold prices (XAU/USD) surged more than 1.0% on Thursday of this week, rebounding from a lackluster performance in the previous trading session. This upward momentum was driven by a notable retreat in U.S. Treasury yields, spurred by disappointing labor market data released earlier in the day. Key catalysts include higher-than-expected applications for unemployment benefits, recording 231,000 for the week ending November 11 against a forecast of 220,000. Continuing jobless claims also surpassed expectations, reaching 1,865,000, the highest in almost two years, indicating growing challenges in American employment. The combination of lackluster economic indicators and positive October CPI and PPI figures supports the perception that the Federal Reserve's tightening cycle is concluding, fostering expectations of future rate cuts, which has contributed to gold's upward trajectory amid a more dovish FOMC monetary policy outlook. But is this all there is to Gold? Read on to find out.

XAUUSD - W1 Timeframe


The weekly timeframe of XAUUSD shows price currently retesting a supply zone that is in very close proximity to the 76% of the Fibonacci zone. This on its own signifies that the upward rally has likely come to an end, and we may begin to see a reversal. We are not done yet though, so let’s see what the Daily timeframe indicates.

XAUUSD - D1 Timeframe


On the Daily timeframe of XAUUSD, we see that price has been rejected initially from the supply zone and seems to simply be heading back up in search of a supply zone from which its bearish momentum can be easily recovered.

XAUUSD - H4 Timeframe


This 4-Hour chart clarifies the entire prospects for Gold. Here, we can see price currently trading around the 76% level of the Fibonacci, and the supply zone. There is also a notable trendline resistance which serves as an additional confluence for a bearish sentiment.

Analyst’s Expectations: 

Direction: Bearish

Target: 1952.00

Invalidation: 2010.00


The trading of CFDs comes at a risk. To succeed, you have to manage risks properly. To avoid costly mistakes while you look to trade these opportunities, be sure to do your due diligence and manage your risk appropriately.


You can access more trade ideas and prompt market updates on the telegram channel.


Gold is Rising Despite Inflation Returns
Gold is Rising Despite Inflation Returns

Gold prices are rising for three consecutive days ahead of the Federal Reserve (Fed) interest rate decision, which is expected to remain unchanged due to declining inflation and a positive economic outlook. Investors are keen on the Fed's interest rate guidance, fearing a hawkish stance that could trigger market risk aversion.

Gold’s Next Move Could Be Huge!
Gold’s Next Move Could Be Huge!

Let's dive into the world of gold. Currently, the price of gold, represented by XAUUSD, is stuck in indecision, hovering around the $1,975 mark. The market is anxiously awaiting two important factors: the release of the Federal Reserve's meeting minutes and the extension of the US debt ceiling.

Latest news

Is Bitcoin Set to Drop?
Is Bitcoin Set to Drop?

Bitcoin's price remains stagnant despite the Fed's slightly less hawkish tone. In contrast, Bitcoin has outperformed other assets, doubling in price from $16K to nearly $38K this year. Improved fundamentals, including the resolution of Binance concerns...

Top Three Trade Ideas for December 2023
Top Three Trade Ideas for December 2023

Hey folks, it’s a wrap to yet another month in the 2023 calendar, and I’m guessing you know what that means - time for another episode in the “What To Trade” series. For December, I will be mapping out trade more cautiously as the market volatility often drops

Gold Breaks To New Highs. What Is Expected In December?
Gold Breaks To New Highs. What Is Expected In December?

Gold prices, reaching the highest since May 5, are consolidating as traders await the US PCE Price Index, a key inflation indicator. The upcoming data could impact the Fed's policy, influencing the demand for the US Dollar and providing direction for gold. The Greenback sees some repositioning, recovering modestly ahead of the data risk.

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.


A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera