GOLD Weekly Analysis (week of 09-13/11)

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Weekly Summary

A bearish end to the trading week, Gold remains in the 1,888.2 range after starting the week at 1,950.3 and dropping 62.1 dollars.

Positive performance can be seen looking at other symbols as EUR/CAD is green with a 0.19% gain (29 pips), to 1.5541 levels.

At the same time, at 0.8982, dollar/swiss is down to its lowest value in 5 years. USD/MXN is down 195 pips from the beginning of the session and now trading around 20.5878. USD/HKD is trading around 7.7528. USD/ZAR is down 137 pips from the beginning of the session and now trading around 15.6321.

Nov. 13, 2020

After starting the day at 1,873.3, Gold climbs to 1,888.2 (up 14.9 dollars)

(22:24) GMT

Light green, mostly flat: Gold, ranging between 1,895.8 and 1,872 and is now at 1,888.2.

The Gold green move takes place amid mixed market indicators – Data for United States Crude Oil Inventories released Thursday at 4:00 PM came out at 4.278, beating projections of -0.913 and showing improvement over the preceding figure of -7.998.

Meanwhile, United States Core Consumer Prices came out at zero, while the projection was 0.2. The United States Consumer Price Index came out at zero, while the projection was 0.1.

In the meantime, USD/MXN is down 195 pips from the beginning of the session and now trading around 20.5878. The Hong-Kong dollar is trading around 7.7528.

Before this recent uptick, Gold got as close as 8.9 dollars to the support line at 1,865.6. Dipping below it might have indicated further losses are ahead.

Nov. 12, 2020

Gold up 14.2 dollars, trading around 1,875.8

(22:24) GMT

Light green, mostly flat: Gold, ranging between 1883 and 1,860.7 and is now at 1,875.8.

The Gold green move took place amid mixed market indicators – United States Initial Jobless Claims came out at 709, above the estimate of 735. This is also a step forward from the previous data of 757.

Meanwhile, United States Core Consumer Prices published today at 1:30 PM came out at 1.6, falling short of the 1.8 projections and continuing its decline from the previous 1.7 figure. The United States Consumer Price Index came out at zero, while the projection was 0.1.

In the meantime, EUR/CAD jumped by 0.77 %, its largest single-day percentage gain since Jul. 30. The Hong-Kong dollar is trading around 7.7535.

Gold's nearest resistance level is at 1,932, followed by 1,958.4 at the next level.

The market is looking forward to the United States Producer Price Index looks to be getting worse with an expected 0.2 while the preceding figure was 0.4, New data will be released tomorrow at 1:30 PM. The United States Core PPI (MoM) (Oct) is expected to come out at 0.2 when it's released tomorrow at 1:30 PM, This is a decline from the preceding data which was 0.4. United States Michigan Consumer Expectations (Nov) is expected to come out at 78.6 when it's released tomorrow at 3:00 PM, This is a decline from the preceding data which was 79.2.

Nov. 11, 2020

Gold draws back to 1,863.8 (down 12.6 dollars) after starting the day at 1,876.4,

(22:24) GMT

Light red, mostly flat: Gold, ranging between 1,882.5 and 1,854 and is now at 1,863.8.

This downslide might be related to financial indicators data published earlier as United States JOLTs Job Openings (Sep) released earlier shows an improvement to 6.436 from the preceding data of 6.352, but falls short of the projected 6.5.

Meanwhile, United States API Weekly Crude Oil Stock released earlier shows an improvement to -5.147 from the preceding data of -8.01, but falls short of the projected -0.9. The United States 10-Year Note Auction was released on Tuesday at 6:01 PM with a figure of 0.96, This is better than the previous number of 0.765.

At the same time, at 1.5332, EUR/CAD is down to its lowest value in 4 months. USD/MXN is trading around 20.4738 after starting the session at 20.2829 (up 0.94%).

Gold is getting closer and is now only 9.7 dollars from the support line at 1,865.6. Dipping below it might indicate further losses are ahead.

The market will keep its eye on the following upcoming macroeconomics indicators: United States Core Consumer Prices figure projected at 0.2 while it previously stood at 0.2, data will be released tomorrow at 1:30 PM. The United States Consumer Price Index is projected to decline to 0.1 while the previous data was 0.2, Data will be released tomorrow at 1:30 PM. United States Crude Oil Inventories are projected to outperform the last figure at -0.913, while it previously stood at -7.998, data will be released tomorrow at 4:00 PM.

Nov. 10, 2020

Gold trades at 1876 after United States JOLTs Job Openings (Sep) falls short of expectations

(22:24) GMT

At 1.5334, EUR/CAD is down to its lowest value in 4 months. USD/ZAR gained 1.59%, currently at 15.6332. The Hong-Kong Dollar is trading around 7.7538.

At 1,908.79, Gold made an initial breakout below the 50 day Simple Moving Average. Gold sails past the 1,958.4 resistance, and climbs to 1876.

The United States API Weekly Crude Oil Stock released earlier shows an improvement to -5.147 from the preceding data of -8.01, but falls short of the projected -0.9. The United States 10-Year Note Auction was released today at 6:01 PM with a figure of 0.96, This is better than the previous number of 0.765.

The United States OPEC Monthly Report will be released tomorrow at 11:00 AM. The United States Seevol Cushing Storage Report is excepted tomorrow at 2:30 PM.

Nov. 9, 2020

At 1848 Gold down to its lowest value in 3 months

(22:24) GMT

After starting the day at 1956, gold dropped to 1848, hitting its lowest point in 3 months, It later recovered 14.3 dollars and is now trading at 1,862.3

Gold's nearest support level is at 1,932, followed by 1,860 at the next level.

At the same time, EUR/CAD made its largest single-day drop (175 pips) since Apr. 2. At 0.8978, Swiss franc is down to its lowest value in 5 years. The Hong-Kong dollar is trading around 7.752. USD/MXN is trading around 20.3217 after starting the session at 20.5678 (down 246 pips).

The market will keep its eye on the following upcoming macroeconomics indicators: United States JOLTs Job Openings (Sep) expected to decline to 5.59 when its preceding data was 6.493, data will be available tomorrow at 3:00 PM. The United States EIA Short-Term Energy Outlook will be released tomorrow at 12:00 PM. The United States WASDE Report will be released tomorrow at 5:00 PM. The United States 10-Year Note Auction is scheduled for tomorrow at 6:01 PM.

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