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Technical Analysis: XAUUSD


XAUUSD hit a one-and-a-half-week low

On 21st November, XAUUSD decreased for the fourth straight trading day to a one-and-a-half-week low of US$1731.40 per ounce as the US dollar index has rebounded for 3 trading days in a row.

The Fed officials released hawkish statements

On Monday, the Fed member Mary Daly said everything was possible at December FOMC meeting, adding that the Fed may raise the interest rate to more than 5% if the inflation doesn’t fall.

The Fed member Loretta Mester said the interest rate hike would not be suspended as the Fed just entered into restrictive monetary-policy stance.

Gold ETF holdings have decreased for 6 months in a row

According to the WGC (World Gold Council), in October, gold ETF holdings have decreased for 6 months in a row with 59 tons of net outflows worth around US$ 3 billion. In October 2022, the total of gold ETF holdings became negative for the first month. The decline has reached 1% since early 2022.

Technically speaking, XAUUSD continued falling in the short term

On the chart of the day, XAUUSD continued falling in the short term. The market trend is bearish. In terms of technical indicators, KDJ went downwards after death cross occurred at high levels, showing the market trend is bearish. If XAUUSD continues falling, focus on whether XAUUSD will break through the support at 1700-1722.

On the 4-hour chart, XAUUSD decreased and was prone to fluctuation. The market trend is bearish in the short term. In terms of technical indicators, MACD went downwards after death cross, showing XAUUSD will fall further. XAUUSD will decline if it is capped at the resistance at 1755.

Key resistance: 1755, 1768

Key support: 1722, 1700

XAUUSD was expected to fall further as the Fed officials released hawkish statements. Investors should focus on the Fed’s November monetary policy meeting minutes this week.



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