24K99 News On Friday (November 25), in the U.S. trading following the holiday, gold prices rose modestly, while silver prices fell slightly. Global stock markets were mixed overnight, with broad gains in Europe and broad weakness in Asia. U.S. stock indexes were mixed following the opening bell in New York. Many U.S. stock markets closed early today. Today is usually one of the thinnest trading days of the year in the U.S. In the U.S. market, December gold futures rose slightly and traded at $1,750; December silver futures fell slightly to $21.27.
Today is “Black Friday” in the United States, and holiday shoppers go on a shopping spree. Market watchers, including the Federal Reserve, will be closely watching preliminary results on U.S. consumer spending.
Markets remained subdued later in the week as the number of new coronavirus infections in China was rising at a record pace and the economy slumped due to the government’s lockdown measures in response to the outbreak. China’s central bank cut the reserve requirement ratio by 25 basis points on Friday to support the economy. “Combined with other measures to boost the property market and ease COVID-19 restrictions, the RRR cut might be supportive in the medium term at a time when economic growth remains highly uncertain,” said one analyst.
In key outside markets, the U.S. dollar index was slightly higher once morest a basket of currencies. Crude oil prices on the New York Mercantile Exchange were higher, trading around $79.75 a barrel, and the benchmark U.S. 10-year Treasury yield is currently at 3.722%.
Strategists at Commerzbank see no upside potential for gold at the moment, although it has recovered somewhat from its losses.
“We don’t see any chance of further recovery in the short term.”
“After all, the U.S. labor market (non-farm payrolls are due next Friday) is likely to remain very tight, so the end of the U.S. rate hike cycle remains uncertain.”
“As a non-interest-bearing investment, rising interest rates have a dampening effect on gold.”
FXDailyReport wrote an article to analyze and predict the trend of gold, silver and crude oil, and gave an operation strategy:
Gold: trading in the middle of the $1780-1800 area
Gold prices have undergone a bearish correction from the $1780-1800 area. Gold prices may continue to fall, targeting the $1680-1700 range. For now, traders will be watching the price’s reaction closely. If the price can reach the $1680-$1700 range and form a bullish reaction, traders can enter long positions.
(Gold daily chart, source: FXDailyReport)
Support: 1700, 1680, 1600, 1585
Resistance: 1780, 1800
Silver: Sights test $21.35
Silver prices are back on a bullish trajectory and are currently challenging the $21.35 resistance. Prices are likely to remain around this level and traders will wait for the market reaction. If the price can continue to strengthen upwards, traders expect it to continue towards the $23.00 and $23.90 resistance levels.
(Silver daily chart, source: FXDailyReport)
Support: 21.35, 20.00, 18.50, 17.73
Resistance: 23.00, 23.90
Crude oil: maintained at $77.13
Crude oil prices are under bearish pressure at the $77.13 support level. The price continues to hold around this level and is expected to come out of the double bottom pattern. A strong rebound from this level will be a confirmation for traders to enter long positions. If the price continues lower with lower lows, then the bearish trend will continue.
(Daily chart of crude oil, source: FXDailyReport)
Support: 77.13
Resistance: 80.00, 85.00, 90.00, 95.25
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