29/11/2021
On the first day of the new week, the price of gold attracted new buying near the $1,780 support level and maintained the buying tone in the early European market. Gold/USD recently hovered near the top of its daily range, and the bulls once again tried to break the $1800 mark and establish a new upward momentum. Facts have proved that concerns about the impact of the Omi Keron coronavirus variant that may have vaccine resistance is a key factor driving the rise of this safe-haven precious metal. At the same time, the market expects that the emergence of a variant of the new coronavirus may force the Fed to change its hawkish stance, which will further benefit this non-yielding gold. However, investors are more willing to wait to see if the new variant of the coronavirus will eventually undermine the economic recovery. This is evident from the risky impulse, which will prevent the bulls from making big bets on gold. In addition, a stronger U.S. dollar may further limit the growth of this dollar-denominated commodity. The decline in safe-haven demand triggered a strong rebound in U.S. Treasury yields and helped boost demand for the U.S. dollar. This came after a sharp correction from the $1815-16 area last Friday, so it is prudent to wait for strong follow-up buying, and then prepare for further appreciation in the day. Therefore, in the absence of relevant economic data affecting market trends in the United States, whether gold can expand this trend or encounter new selling at a higher level remains to be seen.
Market participants are now looking forward to economic data from the United States, where the only pending home sales data will be released earlier in the North American market. Since people's attention is still focused on developments surrounding the coronavirus, these data may not help provide any momentum. In addition, U.S. bond yields will affect the price dynamics of the U.S. dollar and will further help generate some short-term trading opportunities around gold.
Intraday gold strategy: Gold is currently in a shocking trend. The bottom 1780 supports three drops without breaking, and the top pressure is Friday's rebound high at 1815! The current market fluctuates slightly and maintains above 1790. We still continue to do more and bullish. Near 1790, it is still low and much. The support at 1780 below is not broken. Continue to rebound and bullish! The market fluctuates slightly, so wait patiently.
