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What Tapering Early Could Do To The Gold Bullion

11/22/2021

Recent comments about tightening monetary policy early caused gold to slip today by 1.61% at the time of writing this. Governor Christopher Wallace has called for this policy of early tapering which could be followed by a rate hike soon after.

Our outlook

Gold could be in trouble in the short term, but this is just another call-to-action that hasn't been put in place yet. The tapering process is also not an extreme measure comparatively to the amount of asset purchases the Fed is making each month. COT data showed us that money is still flowing into this precious metal which could mean that we could be setting up for another buying opportunity.

Trade Setups

XAUUSD

Gold could find support here around $1818 where there is clean support. We also have the 50 and 200 DMA just below in the $1790s should price continue to fall. If today's candle could pull back hard enough to show rejection from the lows on this 1D timeframe, we could see an increase in buying volume.

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