Gold Analysis Today 13/11: Breakdown Of Upward Trend (Chart)
Date
11/13/2024 3:04:39 PM
(MENAFN- Daily Forex)
For the third consecutive day, Gold prices have been declining, with losses extending to the support level of $2590 per ounce, the lowest price in a month and a half, before stabilizing around $2600 per ounce at the time of writing this analysis. Weak investor sentiment due to the rush to buy safe havens, along with the strength of the US dollar, negatively affects the gold market. Concurrently, the US dollar's gains are approaching November 2022 levels. These gains coincide with indications from the new US administration to work on carrying out trade wars and customs tariffs that primarily benefit the US economy.
What are the reasons for the recent decline in gold prices?
Trump's victory in the US presidential election continues to support the strength of the US dollar, and imposing trade wars with global economies as he did previously could increase US inflation rates again, thereby halting the path of easing US monetary policy, which would be negative for gold. In addition, data from the World Gold Council shows that holdings of gold-backed exchange-traded funds in India have doubled over the past four years, reaching a record 54.5 tonnes as of October 31.
Obviously, all these factors are negatively impacting the gold market. As a result, gold selling has not stopped since the official announcement of Trump's victory.
Top Forex Brokers1 Get Started 74% of retail CFD accounts lose money Will gold prices rise in the coming days?
Undoubtedly, the recent decline in gold prices has put traders on the lookout for the most suitable time to start buying or wait. The gold price index has shifted to a downward trend with the breakdown of the $2600 per ounce support level, and with the movement towards the support levels of $2585 and $2560, technical indicators will move towards oversold levels, and from the last level, buying may be ideal with minimal risk, considering that geopolitical tensions have relatively eased but have not ended yet Price Analysis and Signals Today:
EURUSD Chart by TradingView
Gold can be bought from every downward level but without risk by placing take-profit and stop-loss orders to ensure the safety of the trading account.
Gold buy levels today: $2582, $2555, $2520 respectively. Gold sell levels today: $2635, $2660, $2685 respectively.
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