Gold trading strategy at the beginning of the week November 6

Many experts predict that the fall in gold prices is due to profit-taking pressure when last week the precious metal increased by 5%. Two weeks ago, the US and European economies released economic growth reports, in which GDP growth in the US increased more than twice the forecast.

As a result, US Government bond yields have increased sharply. The 10-year US Government bond yield at 6:40 a.m. this morning increased sharply by 0.79% to 4.593%/year. The Dollar-Index measuring the strength of the USD in a basket of 6 major currencies also increased 0.06% to 105,080 points at the same time.

Along with the positive economic reports published in the US and Europe two weeks ago, it is forecast that retail sales in the US will increase sharply in the last two months of the year when a series of events such as Black Friday and Christmas are held. , welcoming the new year takes place. To welcome the above events, businesses will organize discounts and promotions to attract customers to shop.

This will positively impact production and business activities, promoting economic growth. Experts say that the US economy will continue to recover strongly in the last months of the year, thereby putting pressure on gold prices.

Meanwhile, the factor supporting gold is that geopolitical tensions in the Middle East are weakening as countries and United Nations organizations are finding ways to get relevant parties to implement a ceasefire in the Gaza Strip.

Comment:

XAUUSD BUY 1978- 1980

✔️TP1 : 1986
✔️TP2 : 1994

❌SL: 1970