XAUUSD: short-term BUY XAU strategy

27 nov 2023

XAU has increased dramatically this morning, specifically in 2018 due to recognition from the FED, the end of the interest rate hike cycle, experts say that XAU will continue to increase in the near future
Experts say that the current headwind for gold is still rising bond yields. Therefore, the market may be sensitive to important reports this week, including US third quarter GDP data. Although the US economy is expected to grow strongly in the third quarter, there are growing concerns about a slowdown in activity in the quarter.
Looking at gold's technical picture, analysts note investors and traders should watch for initial resistance at $2,010 an ounce. If this level is broken, gold could rise steadily to $2,050/ounce, before hitting an all-time high of $2,082/ounce, predicts Fiona Cincotta, senior market analyst at City Index.