Gold Analysis 11/09: Gold Prices Stable (Chart)

(MENAFN- Daily Forex) Today's Gold Analysis Overview:

• Overall Gold Trend: Strongly bullish.
• Support Levels: $3610 – $3570 – $3500 per ounce.
• Resistance Levels: $3670 – $3690 – $3730 per ounce.

Today's Gold Trading Signals:

• Sell: Sell gold from the $3685 resistance level, with a target of $3540 and a stop-loss at $3710.
• Buy: Buy gold from the $3580 support level, with a target of $3680 and a stop-loss at $3540.

Technical Analysis of Gold Price (XAU/USD) Today:

The price of gold remains stable near its all-time highs. According to gold trading platforms, spot gold prices are holding around $3625 per ounce after testing the all-time high resistance level of $3674 per ounce. The gold market continues to be supported by expectations of U.S. interest rate cuts and escalating geopolitical tensions.

Based on economic calendar data, U.S. producer prices unexpectedly fell in August, with both the headline and core Producer Price Index (PPI) dropping by 0.1%, contrary to forecasts for a modest increase. This data, along with earlier signs of a soft labor market, has reinforced speculation of potential monetary easing by the Federal Reserve, boosting demand for non-yielding gold. Investors are now looking ahead to the U.S. consumer price report, due at 3:30 PM, Egypt time, for further guidance.

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Meanwhile, geopolitical developments are strengthening the metal's appeal as a safe haven. US President Donald Trump recently urged the European Union to impose tariffs on China and India to pressure Russia over the conflict in Ukraine. Furthermore, hostilities in the Middle East escalated, and Poland reported intercepting Russian drones that violated its airspace during a large-scale raid in western Ukraine's Outlook Remains Strong in the Coming Days

According to gold analysts, the overall trend for gold prices remains strongly bullish. The continued presence of factors driving its gains will ensure further control by the bulls, setting the stage for new record-breaking upward movements. As mentioned before, the recent bullish breakouts were enough to push technical indicators toward heavily overbought levels. All indicators without exception have reached their peak, but gold investors will not be deterred as long as the factors driving its gains-investor risk aversion amid global trade and geopolitical tensions-remain in place.

This is in addition to the future easing of monetary policies by global central banks, led by the U.S. Federal Reserve, as well as increased purchases of gold bars by central banks. Currently, the next target for gold bulls is $3700 per ounce. It could reach this level if the U.S. inflation figures come in lower than all expectations. Conversely, gold could face profit-taking if the inflation figures are stronger than expected.

EURUSD Chart by TradingViewTrading Tips:

Traders are advised that a combination of geopolitical tensions and economic uncertainty means investors will continue to seek a safe haven in gold trading, which will ensure prices remain high for a longer period's Trade Wars Don't Stop

U.S. tariff battles have been a significant factor in gold's gains. In the latest development of this "war," Trump is considering imposing restrictions on Chinese drug trials.

Yesterday, the New York Times reported that the Trump administration is considering "stringent restrictions" on the growing flow of pharmaceuticals from China. A draft executive order being circulated to pharmaceutical companies and investors accuses China and "other hostile entities" of exploiting loopholes in U.S. scientific and regulatory systems. The proposals include requiring the U.S. Food and Drug Administration (FDA) to subject Chinese clinical trial data to stricter reviews and higher fees, while boosting domestic production of drugs like antibiotics and acetaminophen and giving U.S.-made products preference for government purchases.

The newspaper also noted discussions about accelerating FDA reviews to allow drug companies to launch studies faster, which would mirror Chinese regulatory reforms. China has emerged as a major source of innovation in biotechnology, accounting for 32% of the value of global outbound licensing deals in early 2025, up from 21% in the previous two years.

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