XAU/USD near-term outlook

XAU/USD near-term outlook

2019-11-11 • Updated

The bullion rose to $1245 as Trump-related news sparked safe-haven demand.

Gold has started its upsurge last week following Trump’s firing of FBI director James Comey. On Monday, Trump was accused of disclosing the US highly classified intelligence information to Russian foreign minister Sergey Lavrov. The yellow metal got an additional boost following the high-rank meeting in Oval Office.

The latest news appeared on Tuesday in the New York Times. It said that President Donald Trump tried to influence an FBI investigation into the ties between former US security advisor Michael Flynn and Russian authorities. Investors are questioning now whether there is a possibility of impeachment as Donald Trump allegedly obstructed justice (an impeachable offense in the US). The White House denied the NYT’s revelation.

The investors perceived the turmoil in Trump’s West Wing as yet more doubt that tax cuts, fiscal stimulus, and other pro-growth policies will be introduced.  The US dollar is still under pressure, while safe-haven assets caught a bid on Trump’s concerns.

The bullion’s prices are hovering near the key resistance at $1247.30 (which a lower border of the previous upward trading channel + it is located near 200-day and 50-day MAs). If bulls manage to test the following level and rise towards $1270, we might see the continuation of the rally towards $1295.80 (this year high). In the opposite scenario, the prices risk sliding towards supports at $1228.60, 1213.85 levels.

XAUUSDDaily.png

Similar

Oil: Russia-Ukraine Crisis Could Boost Oil Prices
Oil: Russia-Ukraine Crisis Could Boost Oil Prices

Crude oil futures surged on Monday due to disruptions in Russian refining capacity caused by Ukrainian drone strikes and Moscow's decision to cut output to comply with OPEC+ targets. The West Texas Intermediate (WTI) contract for May settled at $81.95 a barrel, up $1.32, while the Brent contract for May settled at $86.57 a barrel, also up $1.32. Russia instructed...

Latest news

USD: Powell Speaks on Cutting Interest Rates
USD: Powell Speaks on Cutting Interest Rates

Jerome H. Powell, the Federal Reserve chair, stated that the central bank can afford to be patient in deciding when to cut interest rates, citing easing inflation and stable economic growth. Powell emphasized the Fed's independence from political influences, particularly relevant as the election season nears. The Fed had raised interest rates to 5.3 ...

WTT: Currency Pairs To Trade In April
WTT: Currency Pairs To Trade In April

Hello again my friends, it’s time for another episode of “What to Trade,” this time, for the month of April. As usual, I present to you some of my most anticipated trade ideas for the month of April, according to my technical analysis style. I therefore encourage you to do your due diligence, as always, and manage your risks appropriately.

Deposit with your local payment systems

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera