CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open Account
☰
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Open Account
✖

Gold Price Stages Five-Day Rally for First Time Since March

Article By: ,  Strategist
November 23, 2024 5:00 PM

Gold Price Outlook: XAU/USD

The price of gold trades back above the 50-Day SMA ($2664) as it stages a five-day rally for the first time since March.

Gold Price Stages Five-Day Rally for First Time Since March

The price of gold trades to a fresh weekly high ($2712) as it carves a series of higher highs and lows, and bullion may once again track the positive slope in the moving average as it attempts to retrace the decline following the US election.

Join David Song for the Weekly Fundamental Market Outlook webinar.

David provides a market overview and takes questions in real-time. Register Here

 

With that said, the price of gold may climb back towards the monthly high ($2762) as it extends the advance from the start of the week, but bullion may consolidate over the remainder of the month if it struggles to extend the bullish price series.

XAU/USD Price Chart – Daily

 

Chart Prepared by David Song, Strategist; XAU/USD on TradingView

  • Recent price action in gold raises the scope for a further recovery, with a break/close $2730 (100% Fibonacci extension) bringing the monthly high ($2762) on the radar.
  • A breach above the yearly high ($2790) opens up $2850 (61.8% Fibonacci extension) but failure to break/close $2730 (100% Fibonacci extension) may keep the price of gold within the monthly range.
  • Lack of momentum to hold above the $2630 (78.6% Fibonacci extension) to $2660 (23.6% Fibonacci extension) region may push the price of gold back towards $2590 (100% Fibonacci extension), with the next area of interest coming in around $2550 (61.8% Fibonacci extension).

Additional Market Outlooks

GBP/USD Selloff Pushes RSI Up Against Oversold Zone

USD/JPY Weakness Curbs Threat of Currency Intervention

US Dollar Forecast: AUD/USD Recovery Keeps Yearly Range Intact

USD/CAD Rally Unravels to Pull RSI Back from Overbought Zone

--- Written by David Song, Senior Strategist

Follow on X at @DavidJSong

StoneX Financial Ltd (trading as "FOREX.com") is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, FOREX.com does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date.


This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it. No opinion given in this material constitutes a recommendation by FOREX.com or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.


The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although FOREX.com is not specifically prevented from dealing before providing this material, FOREX.com does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation. For further details see our full non-independent research disclaimer and quarterly summary.


CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. CFD and Forex Trading are leveraged products and your capital is at risk. They may not be suitable for everyone. Please ensure you fully understand the risks involved by reading our full risk warning.

FOREX.com is a trading name of StoneX Financial Ltd. StoneX Financial Ltd is a company incorporated in England and Wales with UK Companies House number 05616586 and with its registered office at 1st Floor, Moor House, 120 London Wall, London, EC2Y 5ET. StoneX Financial Ltd is authorised and regulated by the Financial Conduct Authority in the UK, with FCA Register Number: 446717.

FOREX.com is a trademark of StoneX Financial Ltd. This website uses cookies to provide you with the very best experience and to know you better. By visiting our website with your browser set to allow cookies, you consent to our use of cookies as described in our Privacy Policy. FOREX.com products and services are not intended for Belgium residents.

© FOREX.COM 2024