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November 30, 2021

What We Could Expect To See From Gold Today

Frank Cabibi

11/30/2021

Gold price rose 0.59% on the day at the time of writing this in light of the uncertainty surrounding the Fed's policy towards the new variant and tapering of asset purchases.

Our outlook

I think gold will likely see some green today as the virus concerns can cause a slow in growth since the US is already restricting travel to certain places and hurting airlines and other business. This also means we could see a delay in the Fed's decision to begin tapering, although a week ago, a sooner taper seemed definite. So, just going by the news, we may be looking at a potential rebound for the precious metal.

Trade Setups

XAUUSD

Gold is now resting on the 200 and 50 DMAs which has held up relatively well the past six days of trading. This period of consolidation could also be leading up to a potential high-volume move either up or down, but after considering the US's current stance toward the virus and the upcoming Fed meeting, it looks like the upside is more in the favor of gold here. Resistance is in the $1820s and support can be found in the $1750s.

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