Gold Longs Loading...

6 нояб. 2023 г.

Fundamental Punchline - Gold saw some strength last week as weaker-than-expected U.S. nonfarm payrolls data, coupled with less hawkish signals from the Fed. This spurred deep declines in the dollar and Treasury yields. However, the yellow metal opened the week with
a slump from the Asian session into the London session as any relief
over a potential pause in the Federal Reserve’s rate hikes was largely offset
by traders selling the yellow metal in favor of more risk-driven assets.

Gold remains ultimately bullish, especially driven by geopolitical tensions in the
middle east. Further escalation in the Isreal-Palestain crisis
will lead to further bullish push for the safe heaven asset.

Technical bias - The charts point to the strong bullish strength of Gold
still intact. I will be looking to go long on proper bullish price action confirmation at a key support.