XAUUSD, Daily

The Gold chart turned to the upside last week, with a breach and break of 1990 and the key 2000 level. Last Tuesday, November 21 was a big upside day. Yesterday November 28 the market pushed over 2020 and even 2040. The recent October high sat at 2009 and the Spring high from May was 2015. Beyond 2040 sits the 161.8 Fibonacci Extension from the late October high to the November low leg which sits around the 2050 level. The 2023 high from early May tested to 2080 intraday and is colocated around the 2020 and 2022 highs.

Daily resistance now becomes support, which is found at 2009, 2000 and the 21day moving average at 1982.

A weaker trending USD USDIndex closed below 103.00 yesterday November 28 for the first time since August 11 and US Treasury Yields 10year rate closed at 4.336 yesterday have added to the attraction of the Gold. More key data to come this week. Today is the first revision of the US Q3 GDP November 29, tomorrow November 30 we will look into the Feds preferred measure of inflation Personal Consumption Expenditures along with all the monthend rebalancing of portfolios that it brings and finally on Friday December 1 a key speech from Fed Chair Powell.

XAUUSD, Daily

XAUUSD, Weekly

Source BDSwiss