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XAUUSD WEEKLY ANALYSIS – 4th NOV

XAUUSD WEEKLY ANALYSIS – 4th NOV

TECHNICAL ANALYSIS

Price continues to fail against the 1512-1515 resistance zone and even with the assistance of poor data from the US has shown no evidence of a breakout. I would be on the side of the bears this week targeting previous lows at 1485.00

FUNDAMENTAL ANALYSIS

FOMC last week cut rates by 0.25% in a continued attempt to alleviate financial pressures. In theory, we should have seen a far larger rise in Gold considering the fact it is the Dollar’s safe-haven. However, we did not and price still failed to break above the 1515 zone. Pressure is building and I still believe in the bears.

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