Red Alert: Be it the market’s cautious optimism due to the expectations of softer interest rates or the downbeat statistics from the United States, not to forget the below-mentioned technical details, the Gold price has more positives to cheer about.
- China-linked market fears, Thanksgiving holiday can allow gold to pare recent gains.
- Federal Reserve Minutes appeared dovish as policymakers weighed softer interest rate hikes, pivot point.
- Softer United States statistics also drowned the US Dollar, as well as propelled Gold price.
- Gold price grinds higher following a rebound from the key support.
However, China’s Covid woes could join the likely inaction on the floor, due to the Thanksgiving Day holiday in the US, to allow the bullion buyers to take a breather. Even so, downbeat prints of the United States Treasury bond yields and firmer closing of Wall Street benchmarks keep Gold buyers hopeful.
Spot Gold Price Analysis for Today
Gold price defends the bounce off a convergence of the 100-day and 21-day Exponential Moving Average (EMA), despite the latest retreat.
That said, bullish signals from the Moving Average Convergence and Divergence (MACD) indicators also keep the Gold buyers hopeful of piercing the 200-day EMA hurdle, currently around $1,765.
However, a downwards-sloping resistance line from early July, around $1,785 by the press time, could challenge the Gold price upside.
Alternatively, a convergence of the aforementioned EMAs, around $1,720, restricts the Gold price downside, a break of which could direct the yellow metal sellers toward the $1,705 threshold.
In a case where Gold price remains bearish past $1,697, July’s low near $1,680 could limit the bullion’s further downside.
Overall, the Gold price remains on the buyer’s radar but further upside appears limited.