Economic Analysis

US Initial jobless claims increased to 234k for the week ending on November 24, 10k higher than previous and being the highest level since mid-May. The weaker than expected jobless claims took a hit out of the greenback, paving the way for higher gold prices. Gold prices were also asserted for the mid – long with Wednesday speech by Fed chair Powell who relayed to the markets that the future path of interest rates was data dependent and there was no fixed path.

Long Term Analysis

Gold bias is long on all monthly Charts. Price is between Major EMAs and is in its bullish tripwire area on the 1 Month and 2 Month Charts. These factors, paired with the economic instability in the EU and tariffs on Chinese goods, may see the price in GOLD continue to push to the upside. If price manages to push and close on top of the previous low nearing the 1237.11 area, GOLD may rally to previous highs around the 1326.80 area in the next couple of months.

Decision Point: Push and close on top of previous low nearing the 1237.11 area

Long Term Trend: Long

Channel Range: N/A

Possible Bias: Long

Medium Term Analysis

With the current economic instability in the EU and tariffs on Chinese goods, price in GOLD may continue to push to the upside. Price is currently pulling back into EMAs in GOLD’s bullish tripwire area. The previous weeks candlestick closed above previous highs, which signifies an increase in buyers in the market. If price manages to push and close on top of the previous weeks high nearing the 1214.30 area, GOLD may rally further to the weekly 200EMA area in the next couple of weeks.

Decision Point: push and close on top of the previous weeks high nearing the 1214.30 area

Long Term Trend: Long

Channel Range: N/A

Possible Bias: Long