GOLD → Interest in metal is growing

29 nov

XAUUSD on the background of support from the dollar correction updates local maximums and aspires to the liquidity zone. Reduced liquidity due to the holiday weekend in the West also plays its role on the markets

Gold holds within the boundaries of the local ascending channel on the background of restrained dynamics of the US dollar, mainly due to the data on inflation... Dovish sentiment regarding further Fed policy actions continues to support the gold price, which is not a subject of interest.
There is growing interest in gold as a hedge asset on the back of the exalized conflict in Syria, as well as in Eastern Europe.
Technically, the emphasis is on the channel borders, as well as on the resistance of 2677 and 2690. A sharp approach of the price to these zones may provoke a pullback.

Resistance levels: 2667, 2677, 2690
Support levels: 2660, 2654

If the bears hold 2660, the gold may correct to the channel support. But at the moment the price is heading towards the resistance. Keep an eye on these levels!

Regards R. Linda!