GOLD is stable, trading day with lots of big data and events
On the Asian market on Wednesday (December 4), 
XAUUSD Spot delivery is basically stable, gold price is currently around 2,644 USD/ounce.
In New York trading on Tuesday, gold hit a daily high as South Korea's martial law boosted safe-haven demand.
South Korean President Yoon Seok-yue gave an emergency speech at the Yongsan Presidential Office in Seoul on Tuesday evening local time and issued an emergency martial law order. After this news arrived, spot gold soared to 2,655.64 USD/ounce.
Gold prices then gave up gains when South Korean President Yoon Seok-yue announced the lifting of martial law. As of the end of Tuesday, spot gold increased 0.2%, closing at 2,643.38 USD/ounce.
On this trading day, there are multiple event risks in the US, including the ADP employment report, ISM services PMI, Federal Reserve Begie Book and Federal Reserve Chairman Powell's speech . Among them, the ADP jobs report and Powell's speech attracted the most attention.
Today (Wednesday), US ADP employment change data for November will be released. This data is known as “small non-farm” and is expected to create a significant impact in the market.
Surveys show that US ADP employment is expected to increase by 150,000 in November. Previously, US ADP employment increased by 233,000 in October.
On the same day, the US ISM non-manufacturing purchasing managers index (PMI) for November will be published and is expected to be 55.5.
Fed President St. Louis Mussallem will give a speech. On Thursday, the Federal Reserve will release Begie Bôk on economic conditions.
On Thursday, Federal Reserve Chairman Powell will be invited for an interview at the DealBook/Summit conference hosted by the New York Times.
In his final speech in November, Powell said the Fed was in no rush to cut interest rates, citing a solid job market and inflation remaining above its 2% target.
Analysis of technical prospects forXAUUSD
On the daily chart, gold is still in a state of prolonged accumulation with price activity mainly sticking around the 21-day moving average (EMA21) and the technical point of 2,644USD.
Although gold has recovered after the previous decline, the overall picture is still inclined to decrease in price with the main trend from the price channel, on the other hand, pressure is still created from EMA21 along with activity. of the Relative Strength Index RSI remains below 50. These factors provide gold with conditions for a bearish trend.
As long as gold remains within the price channel, its technical outlook remains tilted to the downside and rallies should be considered short-term recoveries.
On the other hand, if gold is sold below the 0.618% Fibonacci retracement level it will likely continue to decline to a subsequent target of around $2,606 – $2,600. In addition, a new bearish cycle will be opened once gold is sold below the original price of 2,600 USD.
During the day, the bearish technical outlook for gold will be noticed by the following points.
Support: 2,634 – 2,606 – 2,600USD
Resistance: 2,663USD
SELL XAUUSD PRICE 2681 - 2679⚡️
↠↠ Stoploss 2685
→Take Profit 1 2674
↨
→Take Profit 2 2669
BUY XAUUSD PRICE 2599 - 2601⚡️
↠↠ Stoploss 2595
→Take Profit 1 2606
↨
→Take Profit 2 2611
XAUUSD Spot delivery is basically stable, gold price is currently around 2,644 USD/ounce.In New York trading on Tuesday, gold hit a daily high as South Korea's martial law boosted safe-haven demand.
South Korean President Yoon Seok-yue gave an emergency speech at the Yongsan Presidential Office in Seoul on Tuesday evening local time and issued an emergency martial law order. After this news arrived, spot gold soared to 2,655.64 USD/ounce.
Gold prices then gave up gains when South Korean President Yoon Seok-yue announced the lifting of martial law. As of the end of Tuesday, spot gold increased 0.2%, closing at 2,643.38 USD/ounce.
On this trading day, there are multiple event risks in the US, including the ADP employment report, ISM services PMI, Federal Reserve Begie Book and Federal Reserve Chairman Powell's speech . Among them, the ADP jobs report and Powell's speech attracted the most attention.
Today (Wednesday), US ADP employment change data for November will be released. This data is known as “small non-farm” and is expected to create a significant impact in the market.
Surveys show that US ADP employment is expected to increase by 150,000 in November. Previously, US ADP employment increased by 233,000 in October.
On the same day, the US ISM non-manufacturing purchasing managers index (PMI) for November will be published and is expected to be 55.5.
Fed President St. Louis Mussallem will give a speech. On Thursday, the Federal Reserve will release Begie Bôk on economic conditions.
On Thursday, Federal Reserve Chairman Powell will be invited for an interview at the DealBook/Summit conference hosted by the New York Times.
In his final speech in November, Powell said the Fed was in no rush to cut interest rates, citing a solid job market and inflation remaining above its 2% target.
Analysis of technical prospects for
XAUUSD On the daily chart, gold is still in a state of prolonged accumulation with price activity mainly sticking around the 21-day moving average (EMA21) and the technical point of 2,644USD.
Although gold has recovered after the previous decline, the overall picture is still inclined to decrease in price with the main trend from the price channel, on the other hand, pressure is still created from EMA21 along with activity. of the Relative Strength Index RSI remains below 50. These factors provide gold with conditions for a bearish trend.
As long as gold remains within the price channel, its technical outlook remains tilted to the downside and rallies should be considered short-term recoveries.
On the other hand, if gold is sold below the 0.618% Fibonacci retracement level it will likely continue to decline to a subsequent target of around $2,606 – $2,600. In addition, a new bearish cycle will be opened once gold is sold below the original price of 2,600 USD.
During the day, the bearish technical outlook for gold will be noticed by the following points.
Support: 2,634 – 2,606 – 2,600USD
Resistance: 2,663USD
SELL XAUUSD PRICE 2681 - 2679⚡️
↠↠ Stoploss 2685
→Take Profit 1 2674
↨
→Take Profit 2 2669
BUY XAUUSD PRICE 2599 - 2601⚡️
↠↠ Stoploss 2595
→Take Profit 1 2606
↨
→Take Profit 2 2611
Note
▫️Spot Gold hit $2,650 an ounce or more, up 0.25% on the day.Note
Gold increased to 2,654 USD/ozNote
Gold price is around 2,652 USD/ounce, up 10 USD compared to before. Gold prices increased again mainly due to the previous strong downward adjustment and investors still expect a long-term upward trend of this precious metal when the US and the world are entering a cycle of reducing interest rates to reduce interest rates. support economic growth.Note
Note
🔴Spot gold fell below 2,630 USD/ounce, down 0.76% on the day.Note
▫️Spot Gold stood at $2,640 an ounce, up 0.31% on the day.Note
XAU/USD struggled to maintain its recovery momentum from the week-and-a-half low set at the beginning of the session, although it maintained a slight upward momentum in the first half of the European session. US government bond yields remain at the bottom amid forecasts that the Fed will loosen policy in December, supporting gold as it pushes the USD to a multi-week low.Note
Precious metal prices increased 0.6%, trading below 2,650 USD/oz, after the PBoC's announcement to buy 160,000 ounces of gold last month.
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