29 Nov, 2023
5 minutes
Daily Technical Analysis November 29th 2023
Introduction:
Welcome to our daily technical analysis of the financial markets, focusing today on GBP/USD and Gold. Let's dissect the latest news, market trends, and crucial price levels to watch out for.
1. GBP/USD Analysis:
News Summary:
The Bank of England governor has warned that interest rate will not be cut in the foreseeable future, it is too early to discuss the issue. He emphasized that the market had gotten ahead of itself as it built expectations for the number of interest rate decrease from the BOE in 2024. The rest of the work of getting inflation below 4% must be done through fiscal and monetary policy.
Trend Analysis:
We can see GBP/USD oscillates upwards, further touching the overbought zone, and moving away from the 48 hours moving average on H4 chart. In addition, MACD histogram bar and double line expanded upward again. Owing to top divergence, the sell limit can be arranged, stop loss is necessary.
Today's Key Price Levels:
Key Support Levels: [1.2540]
Key Resistance Levels: [1.2820]
Pivot Points [1.2770]
2. Gold Analysis:
News Summary:
The gold market is getting some new bullish attention as gold price rises to six-month high above $2,030. Goldman Sachs said in a report that it expects gold price to move higher in 2024. The potential upside of gold will be closely tied to US real interest rate, but consumers demand in China and India is strong, coupled with central bank gold purchases to offset downward pressure from unexpected upward economic growth and interest rate cut reassessment.
Trend Analysis:
We can see gold continues to break upward, constantly approaching historical highs, and staying away from the 48 hours moving average on H4 chart. Gold can be an effective hedge against negative supply shocks from geopolitical or other developments at a time when other assets, especially risk assets, are experiencing slower growth. Due to approaching previous top, the sell limit can be used, or wait retracement to set buy limit, stop loss is compulsory.
Today's Key Price Levels:
Key Support Levels: [2018]
Key Resistance Levels: [2060]
Pivot Points [2050]