Gold Slips Slightly, Is the Uptrend Still Safe?
Gold prices (XAU/USD) weakened in the Asian session on Thursday (November 27), retreating from a nearly two-week high reached the previous day. More positive market sentiment, supported by hopes for a Russia-Ukraine peace deal and the prospect of lower global interest rates, prompted some funds to shift away from safe-haven assets like gold. This occurred amid thin trading volume due to the Thanksgiving holiday in the United States.
However, gold's weakness so far appears limited. The market remains confident that the Federal Reserve will cut interest rates at its December meeting, while mixed US economic data has not changed that expectation. Continued pressure on the weakening US dollar is an additional supporting factor for gold. In this situation, a price correction could potentially be viewed as a buying opportunity by market players who still believe in gold's prospects in a lower interest rate environment.
The price of gold at the time of this analysis was $4,147.
- Buy if the price moves within the $4,150 range.
- Sell if the price moves within the $4,144 range.
Resistance 2: $4,159.
Resistance 1: $4,153.
Support 1: $4,141.
Support 2: $4,135.
Disclaimer:
This article is analytical in nature and does not constitute a definitive reference. Please consider fundamental and technical developments in trading before making any investment decisions.
Source: Newsmaker.id
