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Stronger USD Weighs On Gold Prices

GOLD

After falling throughout the Friday overnight session, gold prices have trended down again during APAC trading. They rose slightly to a high of $1753.05 and then fell to a low of $1743.97 and are now trading around $1747. The USD has been boosted (+0.2%) by a risk-off move in the wake of increased Covid restrictions in China and is weighing on bullion.

  • Gold remains above the October 4 high of $1729.50 pointing to bullish short-term trend conditions. $1800 is the next level to watch and key resistance is at $1807.90. Initial support is at $1702.30, the November 9 low.
  • There is little overnight to drive gold prices, as they have recently been dependent on the direction of the debate surrounding the next Fed move and economic data. The only events of note are BoE’s Cunliffe speech and the Chicago Fed’s November National Activity Index.
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