Gold prices have experienced four consecutive weeks of decline, with a 3.6% drop in the current month, marking the worst performance since February. Despite this decline, retail traders are showing increased bullish sentiment toward gold. This suggests that some investors see the lower prices as an attractive buying opportunity.
XAU/USD provides trade opportunities
2020-11-05 • Updated
After a wide consolidation during the US vote count, XAU/USD has managed to close above $1 915 on the H4 (50-day MA). The short-term momentum, is bullish. The line connecting October highs around $1 928 is a good target. The decline below $1 910 will open the way down to $1 900.
Trade ideas for XAU/USD
BUY 1 919; TP 1 928; SL 1.914
SELL 1 908: TP 1 900; SL 1 911
Gold prices dipped as investors took profits following a near one-month high, but still recorded their biggest weekly gain since April on expectations of a pause in U.S. interest rate hikes. Spot gold was down 0.3% at $1,954.69 per ounce, while U.S. gold futures eased 0.2% to $1,959.30. The dollar index edged up 0.2% but remained close to its lowest level since April 2022.
Here's the latest news from Federal Reserve Chair Jerome Powell. While speaking at a conference in Portugal, Powell expressed optimism about the US economy and decreased the possibility of a recession, stating that the economy has shown resilience and is still growing, albeit at a modest pace. He acknowledged the possibility of a recession but emphasized that it is not the most likely scenario.
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...
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 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.