Analyzing Gold: Technical Insights and Economic Data Examination

Analyzing Gold: Technical Insights and Economic Data Examination

Gold traders faced a tumultuous session as the anticipated AB=CD Formation led to a Double Top on the H1 timeframe. The recent breakout of the neckline, coupled with a retest, signals a potential downtrend continuation. The Greenback's rebound from three-month lows played a pivotal role, driven by encouraging US Jobless Claims data that overshadowed concerns arising from a drop in Durable Goods Orders.

The US weekly Jobless Claims data, revealing a 24,000 drop to 209,000 for the week ended Nov. 18, contributed to the resurgence of the Greenback. This positive development countered the negative impact of a larger-than-expected decline in Durable Goods Orders, which recorded a 5.4% drop last month, compared to the previous 4.6% jump and the expected -3.1%.

Despite the setback in Durable Goods Orders, increased optimism about tightening labor market conditions shifted investor sentiment. The expectation that the Federal Reserve might maintain higher interest rates for an extended period prompted a pullback in bets on Fed rate cuts for May 2024. Consequently, US Treasury bond yields rebounded from multi-week lows, applying downward pressure on Gold prices.

As we monitor the market, our bearish stance on Gold persists, contingent on the precious metal not touching the $2012 level. The interplay of economic indicators and Fed expectations continues to guide our outlook, providing a comprehensive perspective for traders navigating Gold's complex landscape.

Below 2012.000 look for further downside with 1979.700 & 1965.680 as targets.

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