Andreas Thalassinos

It was really a great pleasure attending the International Investment Congress at Cannes, representing Stalwart AI, an innovative Web3 product that combines the concept of stablecoins, the capabilities of AI and the reliability of traditional assets like: gold, bonds, low volatility stocks and ETFs.

Gold Daily Timeframe Technical Analysis:

The peak formation on October 28th at 2088.47 US dollars per troy ounce signaled a warning alert for XAUUSD traders on the impeding weakness of the bulls to pull prices higher and eventually exceed the previous peak at 2074.35 to resume the upward trajectory.

However, with the recent price action, the bears indicated a strength in maintaining control of the market and pushing the prices lower, which may pave the way for a technical reversal to the downside if it persists.

More particularly, the most recent peak formation at 2062.28 failed to exceed the previous peak at 2088.47, signaling a cautionary warning to the traders for a technical reversal to the downside.

Subsequently, prices fell below the key support level of 2013.34, forming a technical reversal to the downside known as a failure swing and hence
confirming the downward bias.

Both the 50-period Moving Average and the Momentum Oscillator are in agreement with the bearish outlook. In particular, prices are trading below the Moving Average line, indicating a downward bias where the Momentum Oscillator fell below its 100 baseline, supporting the bearish scenario.

In this bearish scenario, four potential price targets may be calculated:

1993.76: The first price target is seen at 1993.76.
1983.10: The second target is calculated at the 1.618 Fibonacci extension of the failure swing formed at the peak of 2062.28 and the trough at 2013.34.
1973.06: The next target in line is seen at the key support level of 1973.06, corresponding to the previous trough.
1934.16: Finally, the fourth price target corresponds to the 2.618 Fibonacci extension of the recent failure swing.

Conversely, in the alternative scenario where the bulls seize the opportunity and enter the market with buy orders, pulling prices to surpass the peak of 2062.28, it will invalidate the downward scenario.

Economic reports and indicators provide valuable information regarding a country's economic health, market sentiment, growth, inflationary trends, and interest rate expectations. Additionally, these reports can significantly and immediately impact currency prices. Positive economic data can lead to currency appreciation, while negative data can cause a decline.

Our expert educators at MarketsQueMarketsQue are always available to guide you during your trading journey.

Economic reports and indicators provide valuable information regarding a country's economic health, market sentiment, growth, inflationary trends, and interest rate expectations. Additionally, these reports can significantly and immediately impact currency prices. Positive economic data can lead to currency appreciation, while negative data can cause a decline.

RBA Monetary Policy Meeting Minutes
The minutes are released 11 times annually, approximately two weeks following each meeting. They offer detailed explanations from RBA board members regarding the monetary policy decisions made. Additionally, they provide valuable insights into the economic conditions that shaped those decisions, as well as indications of anticipated short-term changes in monetary policy.

BoJ Interest Rate Decision
Setting the interest rate stands as a primary tool within the Bank of Japan's monetary policy toolkit, allowing it to manage the strength of its currency.
An increase in the interest rate can positively influence yen quotations.

RBA Monetary Policy Meeting Minutes
The minutes are released 11 times annually, approximately two weeks following each meeting. They offer detailed explanations from RBA board members regarding the monetary policy decisions made. Additionally, they provide valuable insights into the economic conditions that shaped those decisions, as well as indications of anticipated short-term changes in monetary policy.

BoJ Press Conference
It stands as one of the principal means through which the Bank of Japan (BOJ) communicates with investors regarding monetary policy. This communication method includes a discussion of the factors that influenced the most recent interest rate decision, an overview of the overall economic outlook, and insights into inflation. It hints or clues about future monetary policy directions.

Consumer Price Index
Consumer prices play a significant role in determining overall inflation. The relationship between inflation and currency valuation is crucial, as the upward movement of prices prompts the central bank to consider raising interest rates in alignment with their mandate to contain inflation.

Residential Building Permits
It serves as an excellent indicator of forthcoming construction activity since securing a permit is one of the initial steps in building a new structure.

Our expert educators at MarketsQueMarketsQue are always available to guide you during your trading journey.

Crude Oil futures have maintained a position below $70 per barrel on Wednesday morning (time of writing), continuing an eight-week downward pressure streak, despite several articles suggesting that OPEC+ members will cut oil supply by 2.2 million barrels per day in the first quarter of 2024.

Read the whole article: https://marketsque.com/crude-oil-free-fall/

Gold Technical Analysis on the Daily Timeframe:

Gold has been following an upward direction since October 6, 2023, when the precious metal price chart formed a reversal to the upside, bouncing off the 1810.45 trough. The rally triggered the bulls to enter the market, with buy positions pulling the price per troy ounce to peak at 2146.48 on December 4, 2023. Subsequently, a negative divergence between the price and the Momentum Oscillator alerted the bears to a possible weakness of the buyers to maintain the uptrend. The recent decisive break below the 50-period Moving Average opened the way for sellers to push Gold to lower grounds.

Traders should note two potential price targets: 1948 and 1913, respectively. These levels serve as possible support levels in assessing the likely continuation of the bearish momentum.

Technically speaking, prices are trading below the 50-period Moving Average, reinforcing the notion of an impending decline. On the other hand, the Momentum Oscillator is still hovering above its 100 baseline, displaying mixed signals.

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📅 Date: Thursday, December 7, 2023
🕒 Time: 3:00-4:30 pm (GMT)
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