This morning, at the opening of the first trading session of the week, Gold prices received strong support, rising sharply from $4,000/ounce to around $4,050/ounce.
The reason for this increase is believed to be growing market concerns as the U.S. government still has no plan to reopen after more than 40 days of shutdown. In addition, U.S. economic data has been less optimistic, causing the Dollar to slightly weaken this morning.
This week, the market is also focusing on the CPI report to be released on Wednesday evening. This will be an important event and will determine the short-term trend of Gold this week.
Therefore, Gold is expected to move sideways within a wide range of $4,000 – $4,100/ounce this week, awaiting the CPI data before establishing its trend for November.
Gold may have the potential to break out upward as ongoing global conflicts remain unresolved, and rising geopolitical tensions are reviving the safe-haven demand.
Technical Analysis:
Gold prices have started to show a gradual uptrend. The EMA20 and EMA50 indicators are showing signs of a potential bullish crossover => Consider buying when Gold experiences a strong pullback to the 40xx range.
Trí Hùng
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