Gold Price XAU/USD Braces for a Stormy Week Ahead

Gold Price XAU/USD Braces for a Stormy Week Ahead

Market’s week ahead Overview, key risk events, data releases, and Gold price technical analysis.

Key Data Releases in the Week ahead

On Monday, November 2, markets follow the Australian, Eurozone, UK, Canada, and the US manufacturing PMI numbers of October.

On Tuesday, November 3, eyes will be on the US all day as Americans will elect a new president for the next 4 four years and will renew half of the US congress. Additionally, markets will follow the RBA interest rate decision and Switzerland inflation rates of October.

On Wednesday, November 4, investors will find out about New Zealand's unemployment rates of Q3, the Australian services PMI of October with retail sales of September. On the same day, markets will check China, Eurozone, UK composite PMI final numbers of October with the US non-manufacturing PMI, and changes in the US stockpiles.

On Thursday, November 5, traders will find out about the Eurozone retail sales of September, the Bank of England interest rates decision with the BoE governor Baily’s speech, and the Fed interest rate decision with the Fed press conference.

On Friday, November 6, markets check the RBA statement on monetary policy, the Canadian unemployment rate of October, the US non-farm payroll with the unemployment rate decision of October.

Looking for a regulated company? Open now a trading account with Capex.com

Gold - Daily Price Chart (September 1 – November 1, 2020)

On October 21, the Gold rebounded from the slopping downward trendline originated from the September 1 high at 1,992 and closed below the 50-day SMA reflecting a weaker bullish sentiment. Therefore, the price slipped to the current $1,861- $1,921 trading zone.

A daily close below the low end of the trading zone at $1,861 could encourage bears to press towards the monthly support level at $1,796.

On the other hand, a daily close above the high end of the zone at $1,921 could send the price towards a test of the August 18 high at $2,015.

Gold- Four Hour Price Chart (October 7 – November 1, 2020)

On October 28, the Gold traded below the bullish trendline support indicating a shift in favor of bears control.

In conclusion, while the bearish bias is still in place a break above $1,897 may trigger a rally towards the high end of the current trading zone discussed above on the daily chart, while a break below $1,847 could send the price even lower towards $1,796. As such, the support and resistance levels underlined on the chart should be kept in focus.

Informațiile prezentate în acest document sunt pregătite de Mahmoud Alkudsi și nu au intenția de a constitui consultanță pentru investiții. Informațiile din acest document sunt furnizate drept o comunicare generală de marketing cu scop informativ și, ca atare, nu au fost pregătite în conformitate cu cerințele legale concepute pentru a promova cercetările independente în domeniul investițiilor și nu sunt supuse niciunei interdicții de abordare înainte de diseminarea cercetărilor de investiții. Nu au în vedere obiective specifice de investiții, situații financiare sau nevoi specifice ale vreunui destinatar.

Utilizatorii/cititorii nu ar trebui să se bazeze exclusiv pe informațiile prezentate aici și ar trebui să facă propriile lor cercetări/analize, prin citirea cercetărilor de bază.

Key Way Investments Ltd nu influențează și nici nu are vreo contribuție la formularea informațiilor conținute de acest document. Conținutul acestui document este generic și nu ia în considerare circumstanțele personale ale fiecărui individ, experiența de investiții sau situația financiară actuală.

Prin urmare, Key Way Investments Ltd nu va accepta nicio responsabilitate pentru eventualele pierderi ale traderilor datorate utilizării sau conținutului informațiilor prezentate în acest document. Performanța din trecut nu este un indicator viabil pentru rezultate viitoare.