XAUUSD is trending down
After Hamas' surprise military attack on Israel last weekend, safe-haven demand for gold increased sharply. Thereby, December gold price increased by 18.40 USD, to around 1,863.40 USD/ounce.
Besides, the gold market is also being affected by US macroeconomic data about to be published this week. Meanwhile, Marc Chandler, CEO at Bannockburn Global Forex, said the market The gold market needs more economic data to confirm the sustainability and clearer direction of the market.
According to Chandler, currently the gold market is still mainly affected by the strength of the USD and bond yields, not the gold purchasing activities of central banks. He believes that gold will have to move above the level of 1,833 - 1,835 USD/ounce to stabilize the current trend.
XAUUSD
SELL 1863-1865
✔️TP1: 1858
✔️TP2: 1853
❌SL: 1868
Besides, the gold market is also being affected by US macroeconomic data about to be published this week. Meanwhile, Marc Chandler, CEO at Bannockburn Global Forex, said the market The gold market needs more economic data to confirm the sustainability and clearer direction of the market.
According to Chandler, currently the gold market is still mainly affected by the strength of the USD and bond yields, not the gold purchasing activities of central banks. He believes that gold will have to move above the level of 1,833 - 1,835 USD/ounce to stabilize the current trend.
XAUUSD
SELL 1863-1865 ✔️TP1: 1858
✔️TP2: 1853
❌SL: 1868
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