Gold Long Term Analysis Nov 25
The gold price saw a strong rebound last week with the price rising nearly 6%. This saw the gold price respect the upwards trend that has been established over the last year. Uncertainty in the Russia Ukraine conflict provided the main demand for gold last week in the absence of any major economic news as investors looked for a risk hedge.
This movement in gold prices ran counter to increases in the USDX and US treasury yields. The higher yields reflect expectations of better economic conditions leading to a pause (or slowdown) in the pace of monetary policy easing by the Fed and the expected impact of Trump trade policy. With the FOMC minutes, personal consumption and GDP figures coming out later this week we may see some subdued price movement prior to the release of these numbers.
Gold closed last week around a key resistance level that lines up with the 23% fib retracement. We may see gold linger around these levels given recent comments from the Fed reserve over the last week. However a pull back may occur as profits are taken off last week's stellar rise. Hey levels of support are seen around 2693 and 2670.
This movement in gold prices ran counter to increases in the USDX and US treasury yields. The higher yields reflect expectations of better economic conditions leading to a pause (or slowdown) in the pace of monetary policy easing by the Fed and the expected impact of Trump trade policy. With the FOMC minutes, personal consumption and GDP figures coming out later this week we may see some subdued price movement prior to the release of these numbers.
Gold closed last week around a key resistance level that lines up with the 23% fib retracement. We may see gold linger around these levels given recent comments from the Fed reserve over the last week. However a pull back may occur as profits are taken off last week's stellar rise. Hey levels of support are seen around 2693 and 2670.
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