Gold rose slightly during the early hours of Thursday, but keep in mind that it is a very weak session, and the actual open market will not move during the trading session because it is Thanksgiving in the US At this point, the $2,000 area is still a bit of a barrier, so I think it’s very difficult to rise from here. Moreover, the market has rallied over the last couple of weeks, so it’s likely that we need to get rid of some potential excess foam anyway.
Looking at the bond market will be crucial, given the fact that yield has a significant negative correlation with the gold market, and of course bond markets will be traded during the holiday. In this case, there is probably not much to move the market in the short term. You could also start by saying that we might try to form some kind of double top in this area as well, so all of this is combined with the possibility of consolidation dominating the market again.
Below, we have the 50-day moving average, the 38.2% Fibonacci level, the bullish trend line, and the 200-day moving average within the $30 range. In other words, there’s a lot of support down there that could come in and lift the market, and frankly, I think a pullback at that point might attract people who look at that area..
However, if we break above the recent high, it would allow the market to head towards the $2100 level, and possibly even higher. You can assume a bit that eventually we may rise, but that doesn’t mean you should enter the market immediately without some kind of confirmation. In the end
Gold Falls in India and Silver Improves Globally
The precious metals market saw a mix of trends today, with spot gold prices falling in India, while futures showed a slight increase. The Multi Commodities Exchange of India (MCX) announced that the price of spot gold fell to 61,208 Indian rupees per ten grams and a slight rise in gold futures to 61,084 Indian rupees per ten grams. In contrast, silver futures saw a drop to 74.590 Indian rupees per kilogram.
In major Indian cities, the price of gold varied, with Ahmedabad recording INR 63,360, Mumbai at INR 63,190, New Delhi at INR 63,350, Chennai at INR 63,320 and Kolkata at INR 63,370 for ten grams of precious metal.
Internationally, the Comex Gold saw a rebound with a weaker US dollar following the release of the hawkish FOMC meeting minutes. Typical Thanksgiving light trade volumes also played a role in price movement. Expectations that the Fed may follow less aggressive rate increases have contributed to the recent rise in gold prices. and durable goods orders showed a decline – a possible indicator of an economic slowdown. These diversified economic factors are likely to impact the precious metals market as investors seek safe-haven assets amid uncertainty.
Meanwhile, US economic indicators sent mixed signals to investors. Jobless claims have fallen significantly, indicating strength in the labor market. However, consumer sentiment revealed growing concerns about inflation, and durable goods orders showed a decline – a possible indicator of an economic slowdown. These diversified economic factors are likely to impact the precious metals market as investors seek safe-haven assets amid uncertainty.
