Gold Faces Sell-Off Amidst Cautious Investor Sentiment

Gold Faces Sell-Off Amidst Cautious Investor Sentiment

The gold market experiences a notable sell-off as investors exercise caution in response to Federal Reserve Chair Powell's upcoming speech. The majority of Federal Reserve policymakers advocate a prudent approach, suggesting a need for additional data before forming a fresh outlook on interest rates.

In the recent market movement, gold displayed a bullish impulse, encountering resistance at the 1965.500 area, subsequently triggering a bearish retracement. The current price trajectory aligns with a bearish trend in the H1 timeframe, signaling the potential for a new bearish impulse in line with the prevailing market trend.

Investor attention is now focused on the forthcoming release of the preliminary US Michigan Consumer Sentiment Index for November, coupled with the UoM 5-year Consumer Inflation Expectation. These economic indicators hold the potential to provide further momentum for gold traders, shaping market sentiment in the near term. As uncertainty persists, traders navigate cautiously, closely monitoring developments that may influence the precious metal's trajectory.

Short-Term Setup | Our preference:

Short positions below 1968.00 with targets at 1946.00 & 1936.00 in extension.

أغلقت الصفقة: تم الوصول للهدف:

أغلقت الصفقة: تم الوصول للهدف: