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Gold prices rally and break above technical resistance in the
$1,975/$1,980 area. Bullion’s gains are driven by a steep
pullback in Treasury yields following disappointing economic
data. This article examines key XAU/USD’s levels worth watching in
the coming trading sessions. Most Read: EUR/USD Hits Snag After
Breakout, Nasdaq 100 Stalls, Oil Prices at Risk of Meltdown Gold
prices (XAU/USD) rallied over 1.0% on Thursday, rebounding from a
lackluster performance in the preceding trading session,
propelled by a significant retreat in U.S. Treasury yields
following disappointing labor market data released earlier in the
day. Focusing on the catalysts, applications for unemployment
benefits for the week ending November 11 rose more than
projected, clocking in at 231,000 versus a forecast of 220,000.
Continuing jobless claims also surprised to the upside, surging
to 1,865,000, the most in nearly two years, hinting at
increasing difficulty in finding employment for Americans. Eager
to gain insights into gold’s future trajectory and the upcoming
market drivers for volatility? Discover the answers in our
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ECONOMIC DATA Source: DailyFX Economic Calendar Lackluster
economic indicators, together with encouraging October CPI and
PPI figures published yesterday and Tuesday, reinforced the view
that the Federal Reserve’s tightening cycle is over and that the
next move will be rate cuts. These expectations weighed on
yields, sending the 10-year note below 4.45% and towards its
lowest value since late September. With the FOMC’s monetary
policy outlook turning more dovish in the eyes of the market,
gold could remain in an upward trajectory in the near term,
especially if the U.S. dollar extends its recent downward
correction. This scenario could materialize if incoming
information reveals further economic weakness, as a
deteriorating macro landscape may accelerate a Fed pivot. Acquire
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Recommended by Diego Colman How to Trade Gold GOLD PRICE
TECHNICAL ANALYSIS Gold prices, measured through futures
contracts, took off on Thursday, breaching a key technical
ceiling stretching from $1,975 to $1,980. If this breakout is
sustained, prices could start consolidating to the upside in the
coming days, paving the way for a move towards $2,010/$2,015.
Additional gains from here on out might embolden the bullish
camp to launch an attack on $2,060. In the event of a bearish
reversal, the first line of defense against a downturn is located
in the $1,980-$1,975 zone. Although bullion may establish a base
in this region on a pullback, a breakdown could trigger a deeper
retracement, opening the door for a drop towards cluster support
in the $1,950/$1,940 range (several key moving averages converge
in this area). Below this floor, the focus shifts to $1,920.
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short. Change in longs shorts OI Daily -6% 11% 0% Weekly -2%
-11% -6% GOLD PRICE TECHNICAL ANALYSIS Gold Price Chart Created
Using TradingView
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