#GoldTechnical analysis#24K99 News: On Friday (November 15), during the early European market, spot gold remained basically stable, with the current gold price around 2565 usd/ounce. FXStreet senior analyst Dhwani Mehta wrote on Friday to analyze the technical trend of gold prices.
Mehta pointed out that gold prices rebounded from the key level of 2545 usd/ounce.ResistanceHowever, from the daily chart of gold,Relative Strength Index(RSI) Still put.
In the previous trade day, as the usd reached a one-year high, the appeal of gold to non-us buyers diminished, and spot gold closed down 0.32% on Thursday, reporting at 2564.49 dollars/ounce.
Mehta stated that now, the market's focus has shifted to the release of a new round of usa economic data, including the most important retail sales report, in search of new directional momentum. Meanwhile, more speeches from federal reserve policymakers will keep traders attentive as they evaluate whether the federal reserve will continue its easing policy track after December.
At 21:30 Beijing time on Friday, the U.S. Census Bureau will release the retail sales data for October.
Authoritative media surveys indicate that U.S. retail sales are expected to grow by 0.3% month-on-month in October, following a 0.4% increase in September.
US retail sales data are commonly known as "Terrible Data" because they usually have a significant impact on financial markets, which may affect the trends of assets such as the US dollar and gold.
Analysts pointed out that if usa retail sales data is stronger than expected, the usd may strengthen, thus hitting gold prices; on the other hand, a disappointing retail sales report will stimulate a rebound in gold prices.
The Latest Technical Analysis of Gold
Mehta pointed out that the short-term technical outlook for gold prices remains largely unchanged, as long as the 14-day relative strength index (RSI) remains put, any attempts at recovery may be temporary.
As of now, the leading indicator has slightly rebounded to around 34 after reaching oversold levels yesterday.
The movement of the RSI is related to the rebound of gold prices from the key resistance level of 2545 usd/ounce (the 100-day.Simple Moving Averageand the convergence point of the September 18 low).
Mehta stated that gold buyers need to reclaim the area of 2580 usd/ounce at the daily close to extend the rebound trend and rise above 2600 usd/ounce.
If gold rises further, the high point of 2619 usd/ounce on November 13 will test the bearish commitment.
(Spot gold daily chart source: FXStreet)
On the other hand, Mehta added that the short-term resistance for gold prices is seen at the strong support level of $2545 per ounce mentioned above. If the gold price continues to fall below this level, it will open a new downward trend, dropping towards the $2500 per ounce mark.
After that, the next bearish target for gold prices is the September 4 low of $2472 per ounce.
At 16:01 Beijing time, spot gold was priced at $2565.03 per ounce.
