Gold: These Are the Key Levels to Watch For Now

au.investing.com/analysis/gold-these-are-the-key-levels-to-watch-for-now-200605269

By Satendra Singh | Nov 21, 2024 18:57

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XAU/USD

-0.09%

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Gold

-0.10%

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BTC/USD

-1.78%

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Since I wrote my latest analysis on Nov. 14th, 2024, gold rose over the previous four trading sessions and reached at the significant resistance at 50 DMA in the daily chart.

There is no doubt that the current geo-political circumstances are likely to favor gold bulls. However, if trump's expected policies keep favoring the US dollar, the upside may be limited.

Against this backdrop, the yellow metal has been stuck in a narrow range despite a four-day consecutive bumping move. The reason behind this bumpy move was only the fresh developments on the Russia-Ukraine war front.

Gold Futures Daily Chart

On the daily chart, the gold futures could find it difficult to cross the significant resistance at 50 DMA, which is at $2665, and the formation of a double bearish crossover looks ready to be completed this week.

Secondly, if the gold futures cannot find a breakout above the 20 DMA, a sharp decline for the gold futures awaits here that could push the gold futures to retest the first significant support at $2535 and the second support at $2490.

In case of such bearish moves, gold futures could try to take a good reversal after forming a double bottom during the first week of December.

The second possible scenario could start if the gold futures find a breakdown below the second support at $2490 can push the gold futures to retest the next significant support at $2391 before a strong reversal during the Second week of December.

Undoubtedly, there are various reasons for such a bearish scenario for the gold futures, while the sudden support in Bitcoin prices indicates surging money flow from Gold to cryptocurrency. The second reason could be the increasing dollar valuations since Trump’s return to US politics.

Bitcoin Daily Chart

On the other hand, Bitcoin seems to be in bullish territory, which could push the prices above $100000 shortly before the advent of a downward trend.

Finally, I conclude that the gold futures could witness heavy volatility during the next few weeks. Undoubtedly a significant support at $2525 could provide a strong bouncing move to the gold futures.

Disclaimer: Traders are requested to take any position at their own risk as the volatility could break all possible supports and resistances in the current geo-political scenario.

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Central Banks

Interest Rates

Next Meeting

RBA

4.10%

Apr 01, 2025

BOE

4.50%

Mar 20, 2025

ECB

2.90%

Mar 06, 2025

FED

4.50%

Mar 19, 2025

SNB

0.50%

Mar 20, 2025

BOC

3.00%

Mar 12, 2025

RBNZ

3.75%

Apr 09, 2025

BOJ

0.50%

Mar 19, 2025

CBR

21.00%

Mar 21, 2025

RBI

6.25%

Mar 10, 2025

PBOC

3.10%

BCB

13.25%

Mar 19, 2025

S&P/ASX 200	8,296.20	-26.60	-0.32%
ASX 200 Futures	8,203.5	-111.0	-1.34%
ASX All Ordinaries	8,570.90	-30.80	-0.36%
US 500	6,013.6	-104.0	-1.70%
Dow Jones	43,428.02	-748.63	-1.69%
China A50 Futures	13,423.0	+57.0	+0.43%
Dollar Index	106.520	+0.250	+0.24%

Crude Oil WTI	70.22	-2.26	-3.12%
Natural Gas	4.234	+0.082	+1.97%
Gold	2,953.20	-2.90	-0.10%
Silver	33.012	-0.474	-1.42%
Copper	4.5600	-0.0520	-1.13%
US Sugar #11	21.31	+0.26	+1.24%
US Coffee C	389.25	-0.65	-0.17%

Australia 10Y	4.496	-0.017	-0.38%
Australia 5Y	4.018	-0.016	-0.40%
New Zealand 10Y	4.673	+0.003	+0.00%
U.S. 10Y	4.430	-0.076	-1.78%
Japan 10Y	1.414	-0.011	-0.77%
China 10Y	1.722	+0.016	+0.94%
Singapore 10Y	2.869	-0.004	0.00%

CSL	258.67	-0.22	-0.08%
Woolworths	30.700	+0.200	+0.66%
ANZ Holdings	28.790	-0.420	-1.44%
Commonwealth Bank Australia	151.730	-4.000	-2.57%
Telstra Group	4.150	+0.010	+0.24%
National Australia Bank	35.080	-0.030	-0.09%
BHP Group Ltd	41.260	+1.110	+2.76%

Gold: These Are the Key Levels to Watch For Now

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