Gold Up 2nd Straight Week, 7th Day ln R, On 'Inflation Sparkle'

1. Gold Up 2nd Straight Week, 7th Day
In Row, On ‘Inflation Sparkle’

2. Points To Be Discussed Today:
• Gold Bears’ Expectations
• Gold (XAUUSD) Price May Penetrate $1,873
Level
• Gold Weekly Price Analysis
• XAUUSD Long-term Trend: Bullish
• XAUUSD Medium-term Trend: Bullish
• Gold Down, But Heads For Biggest Weekly
Jump In Six Months

3. Gold Bears’ Expectations
• It has exceeded most gold bears’ expectations,
but bullion’s true test still lies in its ability to
recapture $1,900 pricing and beyond.
• The yellow metal sparkled for a second week
in a row, notching a win of 2.8% this week
after last week’s 1.8%.
• It also rose for a seventh straight day, its
longest stretch in the green from the end of
June to the first week of July.

4. U.S. Gold Futures’ Most Active
Contract
• U.S. gold futures’ most active
contract, December, settled Friday’s trade up
$4.60, or 0.3%, at $1,868.50 an ounce.
• It earlier peaked at $1,871.35 — its highest since
June 15.
• “What’s happening to gold is certainly great, but
to me, the price still needs to get beyond $1,900
in order to establish its true cred as an inflation
hedge,” said Phillip Streible, precious metals
strategist at Blue Line Futures in Chicago.
• Gold last traded at $1,900 levels in June.

5. Bullion As An Inflation Hedge
• Bullion has always been touted as an inflation
hedge.
• But it hasn’t been able to live up to that
billing over the past year as incessant
speculation that the Federal Reserve will be
forced in a faster-than-expected rate hike had
sent Treasury yields and the dollar rallying
instead at bullion’s expense.

6. The U.S. Consumer Price Index
• This week’s rally in gold came as the Labor
Department reported that the U.S. Consumer
Price Index, which represents a basket of
products ranging from gasoline and health care to
groceries and rents, rose 6.2% during the year to
October.
• It was the fastest growth of the so-called CPI
since November 1990, an acceleration driven
mostly by pump prices of fuel running at seven-
year highs.

7. Gold (XAUUSD) Price May Penetrate
$1,873 Level

8. Gold Weekly Price Analysis
• Gold price may continue an uptrend
movement provided the resistance level of
$1,873 is broken upside, possibly, $1,908 and
$1,959 levels may be tested.
• In case the bears defend the resistance level
of $1,873, the price may decrease towards
$1,831, $1,796 and $1,750 levels.

9. XAUUSD Market
Key levels:
• Resistance levels: $1,873, $1,908, $1,959
• Support levels: $1,831, $1,796, $1,750

10. XAUUSD Long-term Trend: Bullish
• Gold is bullish on the long-term outlook.
• Two weeks ago, the Gold price closed
below the resistance level of $1,831.
• The buyers increase their momentum in
the Gold market on the daily chart.

11. XAUUSD Long-term Trend: Bullish - I
• The price turned the former resistance
level of $1,831 to support level on
November 10.
• The price is increasing towards the
resistance level of $1,873 before weekly
market closed.

12. XAUUSD Long-term Trend: Bullish - II

13. XAUUSD Long-term Trend: Bullish - III
• Gold is trading above the two EMAs which indicate that
the bulls’ momentum is increasing before the closing of
Gold weekly market.
• The 9 periods EMA remains above the 21 periods
EMA.
• Gold price may continue an uptrend movement
provided the resistance level of $1,873 is broken
upside, possibly, $1,908 and $1,959 levels may be
tested.
• In case the bears defend the resistance level of $1,873,
the price may decrease towards $1,831, $1,796 and
$1,750 levels.

14. XAUUSD Medium-Term Trend: Bullish
• Gold is on the bullish movement on the 4-
hour chart.
• The white metal tested the support level of
$1,750 on November 03.
• The bulls rejected further price decrease and
the Bullish movement commenced on
November 04 at $1,750 support level.

15. XAUUSD Medium-Term Trend: Bullish - I

16. XAUUSD Medium-Term Trend: Bullish - II
• The price is pushed up to break up the
resistance level of $1,796 and $1,831.
• The bulls’ pressure has pushed up the price to
reach the resistance level of $1,873.
• The price is trading above the 9 periods EMA
and 21 periods EMA as an indication of bullish
market. The Relative Strength Index period 14
is at 70 levels with the signal line pointing up
to indicate buy signal.

17. Gold Down, But Heads For Biggest
Weekly Jump In Six Months
• Gold futures were down 0.32% to $1,857.95 by 10:41
PM ET (3:41 AM GMT), but were on track for their
biggest weekly gain since May 7.
• The dollar, which normally moves inversely to gold,
inched up on Friday and hit its highest since July 2020.
• Inflation soared to three-decade highs in October in
the U.S., with the consumer price index (CPI) growing
6.2% year-on-year and 0.9% month-on-month.
• The core CPI rose 4.6% year-on-year and 0.6% month-
on-month.

18. Rising Inflation
• Rising inflation also challenged the Federal
Reserve’s insistence that inflationary pressures
will be temporary and boosted bets that the
central bank will hike interest rates earlier
than expected.
• Although easy monetary policy has given gold
a boost thus far, its appeal will be diminished
if central banks start hiking interest rates.

19. The GDP Rose Year-On-Year
• In Europe, data released on Thursday showed that the
U.K.’s third-quarter GDP rose 1.3% quarter-on-quarter.
• The GDP rose 6.6% year-on-year and 0.6% month-on-
month.
• The slower growth zeroed the focus on the Bank of
England’s next move vis-a-vis interest rate hikes. The
BOE kept its latest interest rate steady at 0.10% in a
surprise move.
• Meanwhile, Eurozone could continue to exceed the
European Central Bank’s 2% target in 2022 according to
Reuters economists.

20. Gold Up 2nd Straight Week, 7th Day
In Row, On ‘Inflation Sparkle’

21. THANKS FOR LISTENINIG
Gold Up 2nd Straight Week, 7th Day
In Row, On ‘Inflation Sparkle’