RLinda ! GOLD-> A bounce from support lifts the mood

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Gold tested a key support zone (the intersection of the local trend line , which acts as channel support and horizontal support at 1727.85 on the chart), after which the futures showed bullish interest after the minutes of the latest U.S. Federal Reserve meeting indicated a slowdown in the pace of interest rate increases.

The minutes from the Fed's Nov. 1 to 2 meeting indicated that Fed policymakers agreed that it would probably be appropriate to slow the pace of interest rate hikes

But rising real rates through early 2023 remain a difficult backdrop for non-revenue-generating gold , but increased recession and geopolitical risks in 2023, strong physical demand in emerging markets and record high purchases by central banks trying to diversify their foreign reserves suggest that gold could still outperform real rates.

(Char 1. Xauusd daily timeframe . Technically analysis)

The daily timeframe shows an expected end to the pullback at the 1729 area. It is based on positive fundamentals. The MACD and RSI are in the green zone relative to their neutral lines.
The chart shows upside potential to the 1800 zone

I expect that the gold might consolidate in the nearest future, as it is trading in a range between 1765 and 1727. I expect a small pullback from the resistance to the support zone , but if the price breaks through the resistance upwards, a strong enough momentum can be formed

Regards to R. Linda!



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