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Nov. 27, 2020

Gold goes down to 1,782 after starting the day at 1,805.5 (down -1.31%)

(23:24) GMT

Gold is down to 1,782 having started the day at 1,806, overall a -1.31% move or 23.6 dollars today.

At the same time, EUR/CAD is getting closer and is now only 130 pips from the support line at 1.5364. Dipping below it might indicate further losses are ahead. The Dollar/Swiss is getting closer and is now only 52 pips from the support line at 0.9005. Dipping below it might indicate further losses are ahead.

At 1,815, Gold made an initial breakout below the 3 day Simple Moving Average. The Relative Strength Index has gone below 30, going into oversold conditions and allowing more gains. The lower Bollinger band at 1,773.23, indicating a positive correction might be next. Overall, looking at all the technical indicators, it seems Gold might reverse course and start pointing upward in the short term.

Nov. 26, 2020

After starting the day at 1,805.5, Gold crawls to 1,808.5 (up three dollars)

(22:24) GMT

Currently light green but with no clear-cut direction, Gold is trading at 1,808.5 after ranging today between 1,822.6 and 1,809.6.

This move comes while some more positive signs for Gold are out as United States Crude Oil Inventories published on Wednesday at 3:30 PM came out at -0.754, falling short of the 0.127 projections and continuing its decline from the previous 0.768 figure. United States Initial Jobless Claims fell short of the 730 projections, at 778 and continued its downward trajectory from the previous figure of 748. United States New Home Sales released Wednesday at 3:00 PM is better than expected at 999 but down from preceding data of 1002 according to new data.

In the meantime, EUR/CAD is getting close and is now only 132 pips from the resistance line at 1.5642, Crossing it might suggest further gains are ahead. The Dollar/Swiss is getting closer and is now only 62 pips from the support line at 0.9005. Dipping below it might indicate further losses are ahead.

The lower Bollinger band is at 1,791.79, indicating further gains might be next. Overall, looking at all the technical indicators, it seems gold will continue pointing upward in the short term.

Nov. 25, 2020

Gold down to 1,798.6, the last time it was this low was 4 months

(22:24) GMT

Having started at 1,805.2 Gold dropped to 1,798.6, hitting its lowest point in 4 months, later it recovered 7.5 dollars and is now trading at 1,806

This in-between state for Gold is reflected by market data published as United States Initial Jobless Claims published today at 1:30 PM came out at 778, falling short of the 730 projections and continuing its decline from the previous 748 figure. United States New Home Sales released today at 3:00 PM is better than expected at 999 but down from preceding data of 1002 according to new data. United States Consumer Confidence fell short of the 98 projections, with 96.1 and continued its downward trajectory from the previous figure of 101.4.

The lower Bollinger band is at 1,801.7, indicating a positive move might be next. Overall, looking at all the technical indicators, it seems Gold might be pointing upward in the short term.

Meanwhile, mixed performances are seen elsewhere as the Hong-Kong Dollar is trading around 7.7505. EUR/CAD is getting closer and is now only 82 pips from the support line at 1.5364. Dipping below it might indicate further losses are ahead. The Swiss franc is getting close and is now only 97 pips from the support line at 0.9005. Dipping below it might indicate further losses are ahead. After starting the session at 20.003, USD/MXN lost 52 pips and is trading around 19.9508.

Gold social media highlights:

Nov. 24, 2020

Gold hits 1,797, its lowest rate in 4 months

(22:24) GMT

Having started at 1,835.7, gold dropped to 1,797, hitting its lowest point in 4 months, later it recovered 8.5 dollars and is now trading at 1,805.6

Meanwhile, data for the United States Manufacturing PMI released on Monday at 2:45 PM came out at 56.7, beating projections of 53 and showing improvement over the preceding figure of 53.4. United States S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) beats expectations of 5.1 with new data release of 6.6. This is also a step forward from the previous data of 5.3. The United States Services PMI beat expectations of 55 with the new data release of 57.7. This is also a step forward from the previous data of 56.9.

At 1,869, Gold made an initial breakout below the 3 day Simple Moving Average. Gold has just crossed the lower Bollinger band at 1,813.49, indicating further loses might be next. Overall, looking at all the technical indicators, it seems Gold is likely to continue pointing down in the short term.

At the same time, USD/ZAR is down 212 pips from the beginning of the session and now trading around 15.4064. USD/MXN is trading around 20.0058 after starting the session at 20.1442 (down 138 pips). EUR/CAD eyes resistance at 1.5642 and is now only 173 pips away. Crossing it might suggest a continuation of a positive trend. The Dollar/Swiss is getting closer and is now only 65 pips from the resistance line at 0.9192, Crossing it might suggest further gains are ahead.

The market will keep its eye on the following upcoming macroeconomics indicators: United States Crude Oil Inventories look to be getting worse with an expected -0.333 while the preceding figure was 0.768, New data will be out tomorrow at 3:30 PM. United States Initial Jobless Claims projected to outperform last figure with 730, while it previously stood at 742, data will be released tomorrow at 1:30 PM. United States New Home Sales is projected to outperform last figure with 970, while it previously stood at 959, figure will be published tomorrow at 3:00 PM. The United States GDP is projected to outperform the last figure with 33.2, while it previously stood at 33.1, data will be released tomorrow at 1:30 PM.

Gold social media highlights:

Nov. 23, 2020

Gold down to 1828, the last time it was this low was 4 months

(22:24) GMT

After opening at 1,869.8, Gold dropped to its lowest point in 4 months at 1828. It later recovered 7.2 dollars and is now trading at 1,835.2.

Meanwhile, data for the United States Manufacturing PMI released today at 2:45 PM came out at 56.7, beating projections of 53 and showing improvement over the preceding figure of 53.4. The United States Services PMI came out at 57.7, above the estimate of 55. This is also a step forward from the previous data of 56.9. Released today at 2:45 PM, United States's Composite PMI showed an uptick, coming in at 57.9, up from the previous number of 56.3.

At 1,874.72, Gold made an initial breakout above the 10 day Simple Moving Average. Gold's nearest resistance level is at 1,958.4.

At the same time, EUR/CAD eyes resistance at 1.5642 and is now only 117 pips away. Crossing it might suggest a continuation of a positive trend. The Swiss franc is getting close and is now only 88 pips from the resistance line at 0.9192, Crossing it might suggest further gains are ahead. USD/HKD is trading around 7.7513. USD/MXN is trading around 20.136 after starting the session at 20.0937 (up 0.21%).

The market will be looking forward to the upcoming release of the following indicators: United States Consumer Confidence is expected to decline to 98 when its preceding data was 100.9, Data will be available tomorrow at 3:00 PM. The United States's new S&P/CS HPI Composite – 20 n.s.a. (YoY) (Sep) data will be available tomorrow at 2:00 PM. Data is expected to decline to five from its previous value of 5.2. United States FOMC Member Bullard's speech is set for tomorrow at 4:00 PM. United States FOMC Member Williams' speech is scheduled for tomorrow at 5:00 PM.

Gold social media highlights: