Still, today we could probably some stronger moves, especially with the GDP Growth Rate at 1330 GMT and its second estimate.
The first estimate beat market expectations of 1.6 percent, following a 2 percent expansion, so a positive surprise should be priced in, while a disappointing reading could result in a positive push for the precious metal.
In general, and from a fundamental perspective, the outlook for Gold remains positive in our opinion.
With the Fed's expanding at a faster rate than during QE1, QE2 or QE3, 10-year US-Treasury yields losing their momentum of the first two weeks of November and rumours making rounds that the mood in Beijing about a trade deal is rather pessimistic (=tensions between the US and China rising again), while into the yearly close a known window opens, Gold bulls are most likely already champing at the bit, at least behind closed doors.
While technically, our picture switches to Long again with Gold breaking back above 1,520 USD which would level the path up to the current yearly highs around 1,557 USD, a first sign in the lower time-frames (H1) is already sent with Gold recapturing 1,490/495 USD.
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