Gold Regains Support Near $1,745: Quick Buy Signal Update - Forex News by FX Leaders
Gold Regains Support Near $1,745: Quick Buy Signal Update

Gold Regains Support Near $1,745: Quick Buy Signal Update

Posted Tuesday, November 29, 2022 by
Skerdian Meta • 1 min read

In the Asian session, the gold price rose above the immediate resistance level of $1,750.00. The gold XAU/USD price has recovered due to a responsive buying action near the important support level of $1,740.00. Because the risk aversion theme is losing traction, the US Dollar Index (DXY) has fallen dramatically below 106.30.

After a sell-off on Monday, S&P500 futures have recovered, signaling that investors’ appetite for risk has returned. Meanwhile, 10-year US Treasury yields are hovering around 3.70%.

Chinese marshals have prevented the general population from gathering on the highways to hinder protests against the administration’s rollback of COVID-19 lockdown measures. However, the procedure is just temporary since people are frustrated and angry.

XAU/USD

On the domestic front, investors anticipate the publication of quarterly gross domestic product (GDP) figures on Wednesday. The pace of growth is predicted to remain constant at 2.6%. Policymakers at the Federal Reserve (Fed) are bracing for a slowing of the growth rate, which will result in a slowing of inflation. This will help the Fed develop a strategy for the December monetary policy meeting.

Gold Technical Outlook

The gold price opens slightly higher today at $1,751, with the EMA50 providing consistent resistance at $1,755. A break of this level may indicate and confirm the extension of the bullish wave to $1,760 or $1,786.50. 

On the downside, if gold breaks below a major support level of $1,746.40, the bearish trend scenario will remain valid. Closing below this level can trigger selling until $1,735 or $1,720. 

Today’s trading range is likely between $1,735 and $1,764.

Today’s projected trend: bullish

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