{"id":141932,"date":"2024-11-18T10:37:35","date_gmt":"2024-11-18T10:37:35","guid":{"rendered":"https:\/\/kinesis.money\/?p=141932"},"modified":"2024-11-18T10:37:41","modified_gmt":"2024-11-18T10:37:41","slug":"gold-headwinds-dollar-rates","status":"publish","type":"post","link":"https:\/\/kinesis.money\/pl\/market-analysis\/gold-news\/gold-headwinds-dollar-rates\/","title":{"rendered":"Gold Price News: Gold Faces Headwinds from Dollar and Rates"},"content":{"rendered":"\n

Gold continues to labour under some fundamental headwinds. Incoming US growth and inflation data remain solid, and upside surprises have rapidly risen to a seven-month high. <\/p>\n\n\n\n

While the Dollar Index (DXY) appears to have plateaued for now in the 106-107 range, it remains c.6% above its level at the end of September. Meanwhile, the prospect of a 0.25% rate cut at the Fed\u2019s next meeting on 18 December continued to recede, with CME FedWatch currently ascribing a 62% probability. <\/p>\n\n\n

\n
\"gold
Gold KAU\/USD – 1hr view – Kinesis Exchange<\/figcaption><\/figure>\n<\/div>\n\n\n

The US Federal Reserve has reiterated its relatively hawkish stance, with Chairman Powell suggesting on Friday that \u2018the economy is not sending any signals that we need to be in a hurry to lower rates\u2019<\/em>. Gold starts Monday trading at $2,582\/toz<\/a>.<\/p>\n\n\n\n

Flows and Positioning<\/h2>\n\n\n\n

The most recent Commitments of Traders report from the CFTC, published late of Friday saw net speculative long gold positions flat on the previous week and some 25% below the 54-month high reached at the end of September. However, flow data from physical gold ETCs\/ETFs suggests that net outflows accelerated last week across all regions and monthly net outflows have already reached 54% of October\u2019s elevated net inflows<\/p>\n\n\n\n

Technical Analysis<\/h2>\n\n\n\n

Gold remains trading around two-month lows, with recent price action compromising descending oblique support at $2667\/toz and the 50-day Simple Moving Average. However, gold is now near a confluence of support levels at $2550\/toz (major ascending oblique), $2540\/toz (major ascending oblique) and $2525\/toz (major horizontal). <\/p>\n\n\n\n

Given both the RSI and standard MACD hovering around oversold levels, the most likely path is now one of consolidation, though the heavy volumes still remain a concern. The upside is currently bound by strong horizontal resistance at $2608\/toz and a 50-day Simple Moving Average at $2654\/toz.<\/p>\n\n\n\n

Key Events Ahead<\/h2>\n\n\n\n

Monday sees speeches from Chicago Fed President Goolsbee (dove, non-voter), Bank of Japan Governor Ueda and European Central Bank (ECB) President Lagarde. The market\u2019s current working assumption is that the ECB will cut rates again by 0.25% in their 12 December meeting, with an outside chance of a 0.5% cut. Tuesday brings the Reserve Banks of Australia\u2019s (RBA) Meeting Minutes, which will test the RBA\u2019s willingness to remain a rate-cutting laggard.<\/p>\n\n\n\t\t\t

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Mike<\/a> is a market strategist and media commentator with 30 years of experience analysing precious metals markets.\u00a0\u00a0\u00a0He developed his expertise working as an investment banker in emerging markets such as South Africa, Russia and Chile. His focus on precious metals was extended through subsequent work within private wealth management and his own research consultancy.\u00a0\u00a0\u00a0During this time, he covered the gold, silver, platinum and palladium markets.<\/em><\/p>\n

This publication is for informational purposes only and is not intended to be a solicitation, offering or recommendation of any security, commodity, derivative, investment management service or advisory service and is not commodity trading advice. This publication does not intend to provide investment, tax or legal advice on either a general or specific basis.<\/em><\/p>\n

Read our Editorial Guidelines\u00a0here.<\/a><\/em><\/p>\n\n\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Gold continues to labour under some fundamental headwinds. Incoming US growth and inflation data remain solid, and upside surprises have rapidly risen to a seven-month high.  While the Dollar Index (DXY) appears to have plateaued for now in the 106-107 range, it remains c.6% above its level at the end of September. Meanwhile, the prospect […]<\/p>\n","protected":false},"author":51,"featured_media":141994,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[215],"tags":[],"class_list":["post-141932","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-gold-news"],"acf":[],"yoast_head":"\nGold Price News: US Growth and Inflation Data Impact - Kinesis<\/title>\n<meta name=\"description\" content=\"Get the latest updates on gold prices. 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