XAU/USD: gold prices update May highs 29.11.2023
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on XAU/USD for a better understanding of the current market situation and more efficient trading.
Current trend
The XAU/USD pair shows slight growth, continuing the development of upward dynamics in the short term and updating the local highs of early May. The instrument is testing 2050.00 for a breakout, while the US currency remains under moderate pressure amid expectations for the completion of the US Federal Reserve's "hawkish" monetary policy. The day before, Federal Open Market Committee (FOMC) member Christopher Waller noted that he does not rule out the possibility of easing monetary conditions in the next few months if inflation continues its downward trend. At the same time, other representatives of the Fed point to the possibility of renewed price increases, in particular for energy resources.
Today, the focus of investors’ attention will be updated statistics on the dynamics of the US Gross Domestic Product (GDP) for the third quarter, as well as the economic review from the US Federal Reserve, the so-called Beige Book, and tomorrow, October data on price indices for personal consumption expenditures, which are actively used by the regulator to build its own inflation forecasts, will be released. In annual terms, the Core Personal Consumption Expenditures is expected to decrease from 3.7% to 3.5%, and in monthly terms from 0.3% to 0.2%. Statistics on Personal Income and Spending will also be presented: analysts expect a slowdown in income from 0.3% to 0.2%, and in spending from 0.7% to 0.2%.
There is a correction in the gold contract market. According to the report of the US Commodity Futures Trading Commission (CFTC), last week the number of net speculative positions in gold increased to 171.7 thousand from 155.4 thousand a week earlier. Probably, sellers compensated for the drawdown of last week, when there was a slight outflow of short positions: the balance of swap dealers amounted to 78.573 thousand for the "bulls" versus 234.506 thousand for the "bears". Last week, buyers reduced the number of contracts by 4.652 thousand, and sellers increased them by 10.682 thousand, which indicates not a new trend, but rather compensation for the dynamics when positions were distributed in the opposite order.
Support and resistance
Bollinger Bands on the daily chart show a steady increase. The price range is expanding but it fails to conform to the surge of "bullish" sentiments at the moment. MACD grows, preserving a stable buy signal (located above the signal line). Stochastic, having reached its highs, reversed into a horizontal plane, indicating overbought gold in the ultra-short term.
Resistance levels: 2050.00, 2065.00, 2085.00, 2100.00.
Support levels: 2030.00, 2015.30, 2000.00, 1987.29.
Trading tips
Long positions can be opened after a breakout of 2050.00 with the target of 2085.00. Stop-loss — 2030.00. Implementation time: 2-3 days.
A rebound from 2050.00 as from resistance, followed by a breakdown of 2030.00 may become a signal for opening of new short positions with the target at 2000.00. Stop-loss — 2045.00.
Use more opportunities of the NPBFX analytical portal: trading signals for commodities
How can a trader determine if it’s worth buying or selling XAU/USD now or better waiting for a more favorable period? Use trading signals for commodities from the top 10 technical indicators on the NPBFX portal and make the right decisions! All registered users have free and unlimited access to the minutely updated trading signals (MA10, BBands, Ichimoku, Stochastic, ZigZag, etc.) for Gold, Silver, Brent and WTI Crude oil.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on XAU/USD and trade efficiently with NPBFX.
Good afternoon, dear forum visitors!
NPBFX offers the latest release of analytics on XAU/USD for a better understanding of the current market situation and more efficient trading.
Current trend
The XAU/USD pair shows slight growth, continuing the development of upward dynamics in the short term and updating the local highs of early May. The instrument is testing 2050.00 for a breakout, while the US currency remains under moderate pressure amid expectations for the completion of the US Federal Reserve's "hawkish" monetary policy. The day before, Federal Open Market Committee (FOMC) member Christopher Waller noted that he does not rule out the possibility of easing monetary conditions in the next few months if inflation continues its downward trend. At the same time, other representatives of the Fed point to the possibility of renewed price increases, in particular for energy resources.
Today, the focus of investors’ attention will be updated statistics on the dynamics of the US Gross Domestic Product (GDP) for the third quarter, as well as the economic review from the US Federal Reserve, the so-called Beige Book, and tomorrow, October data on price indices for personal consumption expenditures, which are actively used by the regulator to build its own inflation forecasts, will be released. In annual terms, the Core Personal Consumption Expenditures is expected to decrease from 3.7% to 3.5%, and in monthly terms from 0.3% to 0.2%. Statistics on Personal Income and Spending will also be presented: analysts expect a slowdown in income from 0.3% to 0.2%, and in spending from 0.7% to 0.2%.
There is a correction in the gold contract market. According to the report of the US Commodity Futures Trading Commission (CFTC), last week the number of net speculative positions in gold increased to 171.7 thousand from 155.4 thousand a week earlier. Probably, sellers compensated for the drawdown of last week, when there was a slight outflow of short positions: the balance of swap dealers amounted to 78.573 thousand for the "bulls" versus 234.506 thousand for the "bears". Last week, buyers reduced the number of contracts by 4.652 thousand, and sellers increased them by 10.682 thousand, which indicates not a new trend, but rather compensation for the dynamics when positions were distributed in the opposite order.
Support and resistance
Bollinger Bands on the daily chart show a steady increase. The price range is expanding but it fails to conform to the surge of "bullish" sentiments at the moment. MACD grows, preserving a stable buy signal (located above the signal line). Stochastic, having reached its highs, reversed into a horizontal plane, indicating overbought gold in the ultra-short term.
Resistance levels: 2050.00, 2065.00, 2085.00, 2100.00.
Support levels: 2030.00, 2015.30, 2000.00, 1987.29.
Trading tips
Long positions can be opened after a breakout of 2050.00 with the target of 2085.00. Stop-loss — 2030.00. Implementation time: 2-3 days.
A rebound from 2050.00 as from resistance, followed by a breakdown of 2030.00 may become a signal for opening of new short positions with the target at 2000.00. Stop-loss — 2045.00.
Use more opportunities of the NPBFX analytical portal: trading signals for commodities
How can a trader determine if it’s worth buying or selling XAU/USD now or better waiting for a more favorable period? Use trading signals for commodities from the top 10 technical indicators on the NPBFX portal and make the right decisions! All registered users have free and unlimited access to the minutely updated trading signals (MA10, BBands, Ichimoku, Stochastic, ZigZag, etc.) for Gold, Silver, Brent and WTI Crude oil.
If you have any questions about trading instruments, you can always ask an analyst in the online chat on the portal and get a free consultation of an experienced specialist.
Use the current recommendations of analysts on XAU/USD and trade efficiently with NPBFX.