Abstract：Gold against the US dollar (symbol "XAUUSD") is trading as a bullish flag with the bulls remaining bullish in their strength.
Gold/USD (symbol “XAUUSD”) is trading in the formation of a bullish flag with the bulls remaining strong for the time being but volatility has shrunk in recent sessions. The price saw a sharp rise at the beginning of November due to the weak performance of the US dollar and resumed the downward movement again on November 16 when the US dollar began to make some gains.
“The latest market forecast for the Fed's December 14 meeting is a double-digit rise of 70%. This may not be very good news for the dollar, making gold less expensive for other currency owners, thus supporting the price of the ”yellow metal at least in the short term. Chairman Jerome Powell's speech on Wednesday draws the attention of traders seeking more clarity on the central bank's policy stance.
According to the technical analysis, the price has resumed its overall downward movement in the last two weeks with the price trending to the downside and is currently trading around the $1750 price zone. The price is trading in a descending range between 78.6% and 61.8% of the Fibonacci retracement levels.In the event that the descending range is strong, we may see a continuation of the downtrend with a first support point around the $1,711 price zone consisting of 50% of the Fibonacci retracement level and the 100-day moving average.If the price resumes its previous upward movement, we may expect to see some resistance around the $1,800 area above the 78.6% Fibonacci as well as psychological resistance to the full number.Important data to be released this week such as US job jobs, manufacturing and non-manufacturing PMI, as well as the strong release of nonfarm payroll data, are expected to cause significant volatility in all USD pairs and gold is no exception.
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