Gold price analysis November 27Fundamental Analysis
Gold prices rose above overnight gains from the $2,600 region, or a one-week low, and gained some follow-through positive momentum for the second consecutive day on Wednesday. Concerns over persistent geopolitical risks stemming from the protracted Russia-Ukraine war and US President-elect Donald Trump’s tariff plans turned out to be the main factors driving safe-haven flows into the precious metal.
In addition, a subdued US Dollar (USD) price action lifted Gold prices to a two-day high around $2,645 heading into the European session. However, the prevailing risk-on environment, prospects of slower rate cuts by the Federal Reserve (Fed) and rising US Treasury yields kept the yellow metal in check. Traders now look to key US inflation data for fresh impetus.
Technical analysis
The immediate resistance that gold is aiming for is 2648-2650, pay special attention to this price zone. If we can break this zone, we will wait for retests and BUY to the main resistance zone today at 2658-2660. In case the European session cannot break 2650, our strategy will be to SELL Gold, expecting it to reach 2634.