FXOpen
On November 4, when gold was trading around $2,750, we observed bearish signals on the XAU/USD chart.
Since then, the price has declined to the $2,600 level, briefly dipping below it — the lowest price since mid-September.
According to Trading Economics, investors may be losing interest in gold for several reasons:
→ Strong U.S. Dollar: A robust dollar reduces gold's appeal as a safe-haven asset.
→ Optimism Following Trump’s Election: Market participants are reacting to Trump’s fiscal and monetary policy pledges, shifting toward riskier assets.
→ Upcoming Key U.S. Inflation Data: The CPI data, expected today at 16:30 GMT+3, may reveal no unexpected negative trends.
Today’s XAU/USD technical analysis shows that:
→ Gold’s price is at the lower boundary of the blue channel, which has been extended to reflect recent trading data.
→ The channel’s median line has shifted from support to resistance (shown with arrows).
It is possible that today’s inflation news may catalyse one of two scenarios on the XAU/USD chart:
→ Bullish Rebound: Buyers may attempt to resume an uptrend from the lower boundary of the blue channel, facing resistance around $2,655.
→ Bearish Control: Sellers may continue to dominate, potentially making the blue channel less relevant as price stabilises below $2,600.
Start trading commodity CFDs with tight spreads (additional fees may apply). Open your trading account now or learn more about trading commodity CFDs with FXOpen.
This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.
Stay ahead of the market!
Subscribe now to our mailing list and receive the latest market news and insights delivered directly to your inbox.
Latest articles
Gold Price Holds Near Key Support
As the XAU/USD chart shows, the gold price has been holding within the $5,060–$5,200 range over the past several sessions.
Bullish view: the key support is the lower boundary of the long-term channel that has been
EUR/USD Chart Analysis: Pair Rebounds from the Year’s Low
Analysing the EUR/USD chart five days ago, we:
→ constructed a downward channel, noting signs that the bears remained in control;
→ outlined a scenario in which the rate would decline to a new yearly low (and test the lower boundary
Dollar Index (DXY) Hits Yearly High
Today, the dollar index rose above last week’s peak around the 99.68 level, setting a new high for 2026. This movement is supported by a tense fundamental backdrop:
→ Inflationary pressures from rising oil prices. Markets may be pricing