Money flows out of GOLD ETFs, market focus

13 בנוב׳

As the US Dollar strengthens ahead of the release of economic data and comments from Federal Reserve officials, these comments could provide insight into the direction of interest rates under the Trump administration. On Tuesday (November 12), XAUUSD dropped to the lowest level in nearly 2 months. By the time this article was completed, gold was trading around 2,611 USD/oz, equivalent to an increase of 0.50% on the day.

Dollar index DXY rose to a 4-month high, making gold more expensive.
The US Dollar is expected to benefit from a number of policies of Republican President-elect Donald Trump, which could keep US interest rates relatively high for a long time, which will be an unfavorable environment for gold. not profitable.
Wall Street's major indexes hit new closing highs on Monday, boosted by stocks poised to benefit from Trump's potential fiscal policies. Bitcoin also extended its record rally, while short-term US Treasury yields rose to a 3-1/2-month high.
Market focus has now shifted to October consumer price index data released on Wednesday, producer price index and weekly jobless claims data released on Thursday and payroll data. Retail sales numbers are released on Friday.
Several other central bank governors are expected to speak this week, including Federal Reserve Chairman Jerome Powell.

Gold ETFs experience large outflows
The World Gold Council said in its latest report that the US election results have influenced gold's impressive gains since the beginning of the year. Reasons include continued strength in bond yields and the US dollar, risk-on sentiment in the stock market, a push for cryptocurrencies and easing geopolitical tensions.
The World Gold Council said global gold ETFs are expected to fall by $809 million (12 tons) in the first week of November, with most of the outflows from North America. In addition, COMEX's net inventory also decreased by 74 tons, down 8% compared to the previous week.

The world's largest gold-backed exchange-traded fund (ETF) saw its biggest weekly outflow in more than two years last week following Trump's decisive victory in The election prompted traders to take profits.
According to data compiled by Bloomberg, outflows from the SPDR Gold Trust, the world's largest gold ETF, surpassed $1 billion last week, the largest weekly outflow since July 2022. Price Spot gold decreased by 1.9% over the same period. The ETF's total gold holdings decreased by 0.4%, down for the second consecutive week.

In times of political and economic uncertainty, investors often seek the safety of gold. Last month, they sought the safety of gold amid growing expectations that the US presidential election would be a hotly contested one. But with Trump winning key battleground states and Republicans taking control of the Senate, the results clearly prompted investors to exit their positions to take profits.

Analysis of technical prospects for XAUUSD
On the daily chart, gold recovered from the key support level highlighted by readers in yesterday's edition at $2,588 and returned to the price channel.

The fact that gold is trading above the 0.786% Fibonacci retracement level gives it scope for a recovery but the current position will remain unchanged with all conditions tilting towards a bearish outlook. Gold's recovery may continue with a short-term target of around 2,640 USD, the price point of the 0.618% Fibonacci retracement level.

However, a new bearish cycle will be opened once gold falls below $2,588 and the target is then around $2,548 in the short term, more than $2,528.
As long as gold remains in the price channel below EMA21, the main trend will still favor the bearish outlook, rallies should be considered short-term corrections.

During the day, the outlook for a recovery with a main bearish bias will be highlighted by the following technical levels.
Support: 2,600 – 2,588USD
Resistance: 2,627 – 2,640USD

SELL XAUUSD PRICE 2661 - 2659⚡️
↠↠ Stoploss 2665

→Take Profit 1 2654
↨
→Take Profit 2 2649

BUY XAUUSD PRICE 2559 - 2561⚡️
↠↠ Stoploss 2555

→Take Profit 1 2566
↨
→Take Profit 2 2571

13 בנוב׳

הערה

Under new President Donald Trump, the Fed may face new policies, as companies plan to raise prices to prepare for higher tariffs on imports that he proposes. Although the Fed just cut interest rates by 25 bps, Chairman Jerome Powell affirmed that the election will not affect the Fed's decisions in the short term because it is too early to predict the timing or nature of policy changes. potential fiscal.

14 בנוב׳

עסקה פעילה

Plan BUY +35pips close a part move SL to entry.🔥

14 בנוב׳

הערה

🔴Spot gold is 1.00% lower on the day, falling below $2,550 an ounce for the first time since September 18.

15 בנוב׳

הערה

Spot gold price decreased 0.1% to 2,570.05 USD/oz, hitting the lowest level since September 12. US gold futures contracts closed down 0.5% at 2,572.90 USD.

לפני 6 ימים

הערה

Over the past 2 weeks, gold investors have been worried as they witnessed the price of this precious metal fall from the price range of 2,800 USD/ounce to more than 2,500 USD/ounce. Despite being soothed by the information that gold is still strongly supported in the medium and long term, gold holders are still "anxious" as prices continue to decline day by day.

לפני 6 ימים

הערה

Gold prices started a new trading week this morning (November 18) in a state of strong increase, after recording the strongest weekly decline in more than 3 years last week. However, experts say that the pressure to depreciate this precious metal is still great due to profit-taking activities of investors, the upward trend of the USD, and expectations of interest rate reduction that have become weaker after the election. elect US president.