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Gold’s Prospects Amidst a Shifting Monetary Policy Landscape


28 November 2023 Written by Feng Zhou  Senior Market Analyst Feng Zhou

Gold's resurgence beyond the coveted US$2,000 threshold signals a notable shift in market sentiment, coinciding with the US dollar's stumble, which is headed for its most significant monthly retreat in over a year. This shift is fueled by market speculation that the Federal Reserve may consider interest rate cuts in the upcoming year. However, such speculation may be premature, as the Fed has not explicitly signaled any impending rate reductions.

Key Economic Events to Watch

Technical Analysis: Interpreting Gold's Elliott Wave Chart

Gold’s Prospects Amidst a Shifting Monetary Policy Landscape

Analyzing the Chart

The 4-hour chart for Gold spot versus the US dollar, denoted as XAU/USD, showcases the price action encompassing Elliott Wave patterns. The chart indicates:

Gold's Position Amid Economic Uncertainty

In the context of upcoming economic events and technical indicators, gold's outlook is cautiously optimistic. Market participants will be closely monitoring the EU inflation data and Powell’s address for directional cues. The technical setup, coupled with the underlying economic narratives, suggests a continuation of the bullish trend, with an eye on the psychological and technical level of US$2,000 as both a support and a pivot point for future price movements.

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