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XAUUSD
ANALYSIS December 1, 2023
XAUUSD
ANALYSIS December 1, 2023 - Gold experienced a decline yesterday, putting an end to its five-day streak of consecutive price hikes, which had pushed it into an overbought state over the past two days. Nevertheless, the downward pressure is relatively mild as the decrease recorded in the D1 bar had a limited range. The primary trend for daily (D1) gold prices continues to be upward, and this drop is perceived as a form of correction following the recent surge in prices.
- In the hourly (H1) gold chart, the adjustment pattern exhibits a downward diagonal structure. However, a definitive downtrend has not materialized as the price has yet to break the most recent low. The prevailing strategy for H1 gold is to persist in buying at lower levels, avoiding chasing after higher prices, especially since D1 is currently encountering resistance.
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Although inflation has fallen sharply from a 40-year high recorded in June 2022, it is still much higher than the 2% target set by the Fed, analysts said. On Tuesday, the US Department of Commerce said that core PCE, the Fed's preferred measure of inflation, increased 3.5% in the 12 months through October. Analysts at TDS said, Persistent inflation could force the Fed to keep interest rates within a limited range through the first half of next year.
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GOLD BREAKOUT !!!
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TP: 2045
SL: 2025