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Gold Price (XAU/USD) Edgy as Short-Dated US Yields Rise Ahead of Fed Speech


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GOLD PRICE (XAU/USD), CHART, AND ANALYSIS

  • Gold’s recent push higher stalls.
  • Retail traders shrink their weekly short positions.

Gold Price (XAU/USD) Edgy as Short-Dated US Yields Rise Ahead of Fed Speech

Gold continues to take its cue from US bond yields and moves in the US dollar and precious metal traders will need to listen to chair Powell at 18:30 GMT. From a technical perspective, we noted recently that a bullish flag was being formed but this did not play out in full.

Gold Price Consolidates, Is a Bullish Flag Being Formed?

Initial support on the daily gold chart starts at $1,740/oz. before $1,726/oz. comes into play, while Monday’s $1,763.8/oz. high should cap any pre-Powell move.

GOLD DAILY PRICE CHART – NOVEMBER 30, 2022

 

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All Charts via TradingView

 

Nov 30, 2022 | DailyFX
Nick Cawley, Senior Strategist

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