XAU – Gold Rises Step by Step, Breaking Through Triangle Top

Gold continues to consolidate in a high-level range as investors assess the likelihood of a U.S. interest rate cut in December. Some Federal Reserve officials, led by New York Fed President John Williams and Governor Christopher Waller, have stated that a December rate cut may be justified due to downward pressure on US Treasury yields from a weak labor market. Furthermore, Hassett has emerged as a leading candidate to succeed Powell as Fed Chair, aligning with President Trump's stance on rate cuts. According to the latest CME FedWatch tool, US interest rate futures indicate an approximately 85% probability of a December rate cut.

From a technical perspective, gold prices held the $4,000 and the upward trend line in mid-month, subsequently experiencing a steady rebound. At the beginning of this week, it even broke through the 25-day moving average, suggesting further consolidation and upward movement. However, it remains within a triangle pattern, with a top at $4,178 and a bottom at $4,048. On Friday morning, there was initial momentum to break through the top. Furthermore, the chart shows a golden cross with the 4-day moving average crossing above the 9-day moving average, and the RSI and Stochastic oscillator continuing to rise, indicating a strong possibility of a new wave of gains for gold. Short-term resistance levels are estimated at $4,195 and $4,208, with the next level at $4,120 to $4,250. Near-term support levels are estimated at $4,150 and $4,132, with the next level expected at $4,112 to $4,090.

London Gold, November 28th

Forecasted Early Range: 4182 – 4208
Resistance: 4222 – 4234 – 4245 – 4259
Support: 4169 – 4155 – 4144 – 4129

SPDR Gold Trust Gold Holdings:
November 17 – 1,041.43 tons
November 18 – 1,041.43 tons
November 19 – 1,043.72 tons
November 20 – 1,039.43 tons
November 21 – 1,040.57 tons
November 24 – 1,040.86 tons
November 25 – 1,040.86 tons
November 26 – 1,045.43 tons
November 27 – 1,045.43 tons

27/11 AM London Gold Fix: $4154 
27/11 PM London Gold Fix: $4153.95 

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