Gold: holding aside
During the previous week the price of gold was sort of side-traded. Although the US Dollar lost some of its strength, especially after the NFP data, the price of gold was staying relatively still. The weekly highest-lowest range was between levels of $2.664 down to $2.618 reached at Friday trading season. It seems that the market is currently not sure which side to trade. They are not convinced that the geopolitical tensions are yet over, but also the previous strengthening of US Dollar did not provide much confidence for the clear move. Even charts are currently reflecting this “let’s see” moment.
The RSI is continuously moving around the 46 level, and is still not ready to take a clear path toward the overbought market side. The MA50 modestly slowed down its divergence from MA200 but the line did not take a clear convergence path.
The NFP data posted during the week, analysts are perceiving as “not too hot and not too cold”, but still are expecting a further Fed's rate cut at their December FOMC meeting. The US inflation data for November will be posted during the week ahead, which might bring some volatility in case that inflation misses market expectations. Current charts are showing higher potential for a decrease of the gold price in the coming period, however, it should be taken with a precaution at this moment. Anyway, it should be expected that the markets will take another week to digest inflation data, before the final move two weeks from now, to close the Year.
The RSI is continuously moving around the 46 level, and is still not ready to take a clear path toward the overbought market side. The MA50 modestly slowed down its divergence from MA200 but the line did not take a clear convergence path.
The NFP data posted during the week, analysts are perceiving as “not too hot and not too cold”, but still are expecting a further Fed's rate cut at their December FOMC meeting. The US inflation data for November will be posted during the week ahead, which might bring some volatility in case that inflation misses market expectations. Current charts are showing higher potential for a decrease of the gold price in the coming period, however, it should be taken with a precaution at this moment. Anyway, it should be expected that the markets will take another week to digest inflation data, before the final move two weeks from now, to close the Year.
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