Thursday, November 29, 2018

GOLD - 29 November 2018


Fundamental Highlights

Gold prices jumped following Fed’s Chairman Powell speech that pushed the greenback sharply to the downside. The yellow metal moved from its recent lows just above the $1211 level all the way to $1226 in a couple of minutes after Fed’s Powell said the policy rate “remains just below the broad range of estimates of the level that would be neutral for the economy” which triggered a rally in equities and a slide of the US Dollar.

Technical Analysis

Gold prices eliminated their Tuesday's losses by climbing back to the recent tops just below the $1228.26 resistance level. The price is currently at $1226 per ounce with a firm support from the bullish momentum as we can see on the chart. If the price manages to break above the $1228.74 stubborn level, then we will be looking for a consolidation above the $1230 level.

Support: 1209.70 / 1204.07
Resistance: 1214.40 / 1220.12

Chart (H4)