2. Points To Be Discussed Today:
• Gold Price Under The Negative Pressure
• Gold Signals & Technical Analysis
• Gold Slides Over 2% As Dollar Firms After
Powell's Renomination
• Gold Hovers Near 2-week Low As Fed's
Powell Nomination Buys Dollar
5. Gold Price -II
• Gold price settled near 1800.00 level after the
strong decline that it witnessed yesterday,
which hints that the price is on its way to
achieve more expected decline in the
upcoming sessions.
• Noting that surpassing this level will lead the
price to visit 1770.00 direct.
6. The Bearish Bias
• Therefore, the bearish bias will be suggested for
today, taking into consideration that breaching
1825.15 will release the price from the current
negative pressure and push to start new recovery
attempts that target testing 1860.00 areas
initially.
• The expected trading range for today is between
1785.00 support and 1820.00 resistance.
• The expected trend for today 23 Nov: Bearish
8. Gold Price Under The Negative Pressure - I
• Gold price faced strong negative pressure in
the previous sessions to complete forming
minor double top pattern and approaches
1834.00 level.
• Showing recovery attempts now, but its still
below the broken neckline of the mentioned
negative pattern, which makes us prefer
staying aside until we get clearer signal for the
next trend.
9. Gold Price Under The Negative Pressure - II
• Note that breaching the resistance line formed at
1850.00 will release the price from the current
negative pressure and lead to resume the bullish
track that its next target located at 1900.00
• While breaking 1834.00 represets negative factor
that will press on the price to achieve new
decline that surpasses 1825.15 to head towards
1800.00.
• The expected trading range for today is between
1830.00 support and 1865.00 resistance.
15. Gold Slides Over 2% As Dollar Firms
After Powell's Renomination (22 Nov)
• Gold prices fell more than 2% on Monday as
the dollar jumped after Federal Reserve Chair
Jerome Powell was nominated for a second
term, driving expectations that the central
bank may stay the course on tapering
economic support.
• Spot gold slipped 2.1% to $1,805.30 per ounce
by 02:00 p.m. ET (1900 GMT), its lowest since
Nov. 5.
16. Gold Slides Over 2% As Dollar Firms After
Powell's Renomination (22 Nov) - I
• U.S. gold futures settled 2.4% lower at $1,806.30.
• "Gold sold off on notions that maybe the Fed would
keep on its present monetary policy path as opposed
to a Lael Brainard nomination," said Jim Wyckoff,
senior analyst at Kitco Metals, adding that Brainard
would have been perceived as paving the way for more
dovish policy.
• "It's just a knee-jerk reaction by the gold market,"
Wyckoff said, with the dollar rallying to its highest since
July last year.
• Powell's renomination also led to a jump in U.S.
Treasury yields
17. Gold Slides Over 2% As Dollar Firms After
Powell's Renomination (22 Nov) - II
• A stronger dollar (DXY) makes bullion expensive for
overseas buyers, while higher interest rates translate
into increased opportunity cost of holding non-yielding
gold.
• Money markets now expect the Fed to raise interest
rates by 25 basis points by next June versus July
previously.
• "The move higher with real yields has accelerated
some of gold's weakness, but it is way too early for
investors thinking this is the beginning of a sustained
trend," said Edward Moya, senior market analyst at
brokerage OANDA.
18. Gold Slides Over 2% As Dollar Firms After
Powell's Renomination (22 Nov) - III
• Fed policymakers are debating whether to
withdraw support more quickly to deal with
inflation, after one of its most influential officials
signalled that the idea will be on the table at the
December meeting.
• Gold has support around the $1,800 an ounce
level and with a shortened trading week, it could
consolidate between $1,800-$1,850 leading up to
the Dec. 15 FOMC policy meeting, Moya said.
19. Gold Hovers Near 2-week Low As Fed's
Powell Nomination Buys Dollar (23 Nov)
• Gold prices inched higher on Tuesday but held
close to a more than two-week low, as the dollar
jumped on bets for quicker interest rate increases
after U.S. President Joe Biden backed Federal
Reserve Chair Jerome Powell for a second term.
• Spot gold rose 0.2% to $1,808.71 per ounce by
0344 GMT, after sliding 2.1% to its lowest since
Nov. 5 on Monday. U.S. gold futures gained 0.2%
to $1,809.10.
