Learn To Trade
 
Indicators & Chart Patterns

Deepen your knowledge of technical analysis indicators and hone your skills as a trader.

Find your detailed guides here
Trading Glossary

From beginners to experts, all traders need to know a wide range of technical terms. Let us be your guide.

Learn more
Knowledge Base

No matter your experience level, download our free trading guides and develop your skills.

Learn more
Learn To Trade

Trade smarter: boost your skills with our training resources.

Create a live account
Market Analysis
 
Market News

All the latest market news, with regular insights and analysis from our in-house experts

Learn more
Economic Calendar

Make sure you are ahead of every market move with our constantly updated economic calendar.

Learn more
Technical Analysis

Harness past market data to forecast price direction and anticipate market moves.

Learn more
Live Webinars

Boost your knowledge with our live, interactive webinars delivered by industry experts.

Register now
Special Reports

Engaging, in-depth macroeconomic analysis and expert educational content from our in-house analysts

Learn more
Market Analysis

Harness the market intelligence you need to build your trading strategies.

Create a live account
Partnership
 
Affiliate Programme

Grow your business and get rewarded. Find out more about our Affiliate Programme today.

Learn more
Money Manager

Increase your income and get compensated for your trading knowledge with ThinkInvest, putting you in control.

Learn more
Introducing Broker

ThinkMarkets ensures high levels of client satisfaction with high client retention and conversion rates.

Learn more
White Label

We supply everything you need to create your own brand in the Forex industry.

Learn more
Regional Representatives

Partner with ThinkMarkets today to access full consulting services, promotional materials and your own budgets.

Learn more
Partnership

Plug into the next-gen platforms and the trades your clients want.

Partner Portal
About ThinkMarkets
 
Liverpool FC Sponsorship

ThinkMarkets is the Official Global Trading Partner of Liverpool FC

Learn more
About Us

Find out more about ThinkMarkets, an established, multi-award winning global broker you can trust.

Learn more
Careers

Discover a range of rewarding career possibilities across the globe

Apply now
Security of Funds

Security of your funds is our number one priority. We safeguard our Client funds in top tier banks.

Learn more
ThinkMarkets News

Keep up to date with our latest company news and announcements.

Learn more
Trading Infrastructure

When it comes to the speed we execute your trades, no expense is spared. Find out more.

Learn more
Contact Us

Our multilingual support team is here for you 24/7.

Learn more
About ThinkMarkets

Global presence, local expertise - find out what sets us apart.

Create a live account
Create account

Gold Price Steadies Ahead of FOMC Minutes

Mahmoud Alkudsi Mahmoud Alkudsi 23/11/2022
Gold Price Steadies Ahead of FOMC Minutes Gold Price Steadies Ahead of FOMC Minutes
Gold Price Steadies Ahead of FOMC Minutes Mahmoud Alkudsi
Economic Data Releases
 
The RBNZ hiked rates as expected by 75 bp taking its official cash rate from 3.5% up to 4.25% (the highest level since early 2009). The central bank board pointed out that the core inflation rate was very high, and the unemployment number was beyond its sustainable level.
 
The Eurozone manufacturing PMI flash data (Nov) released earlier of 47.3 has come in higher than expected at 46. Similarly, the UK manufacturing PMI flash data (Nov) of 46.2 has come in higher than expected at 45.8.
 
Looking Ahead
 
Markets expect the US durable goods orders numbers (Oct) at 5:30 pm UAE time followed by the US manufacturing PMI flash data (Oct) at 6:45 pm, then the US Michigan consumer confidence index figure at 7:00 pm. Finally, investors will check the FOMC minutes of the last Fed meeting at 11:00 pm.

 
Indices and Bonds Yields
 
The US major indices steadied as markets ignored the imposed social restrictions in China due to the rise of COVID-19 cases and focused more on the FOMC minutes. Investors hope to find signals that the central bank’s tight monetary policy was contingent only on hot inflation reads.
 
The US two years yields at 4.50% remained higher than the 10 years treasury yields at 3.75%. A negative spread in favor of the shorter bonds yield reflects a yield curve inversion and highlights that the US economy is heading into a recession.

Major FX Currencies
 
The US dollar price fell due to a stronger risk appetite on news of possible deregulation of the tech sector in China.
Technically, the dollar moves in the area between 105.42 - 108.11. A daily close above the high end of this area could encourage traders to push the price toward 109.42, while a daily close below 105.42 opens the door for traders to press toward 103.83.
 
The EUR/USD steadied above 1.0200 as the euro benefited from higher-than-expected manufacturing PMI data with a stronger risk appetite.
Technically, the EUR/USD may revisit 1.0111 while below the head and shoulder neckline at 1.0340 (developed on the four-hour chart). On the other hand, a daily close above 1.0415 may encourage traders to rally the price towards 1.0503 and 1.0559 respectively.  
 
Commodities
 
The gold price stabilized on a weaker US dollar. It should be noted that the gold traders will be waiting the FOMC minutes release today to act accordingly.
Technically, the gold price may fall toward 1720 while below the neckline of the head and shoulders pattern at 1755 (developed on the four-hour chart). On the other hand, a daily close above 1747 may send the price even higher towards 1765.  
 
The oil traders await the possible approval of the European plan to impose a price cap on Russian oil prices (possibly between 65-70 USD) while Russia responded that it would not sell oil to any country that participates in this in this plan. It should be noted that the crude rate fell below pre-Russian-Ukrainian war price levels due to a possible global recession combined with concerns of a softening demand outlook from China.
 
Technically, it should be noted that WTI oil price closed on multiple occasions above 79.82 and could be on the way toward 85.15. That said, a daily close below 79.82 could embolden bears to press toward 74.97
 
Chart of the Day: S&P 500 Daily Price Chart



Chart Source: ThinkTrader
 
On October 21st the SP500 price corrected higher then started an upward trend creating higher highs with higher lows. Nonetheless, the ADX read below 20 highlights a weak bullish momentum.
 
Currently, the index moves in the area between 3939 – 4139. The price rebounded on multiple occasions from the lower end of the mentioned area eyeing a test of the high end of it. On the other hand, any daily close below the low end of this area opens the door for a further decline towards 3722. However, the support level located at 3830 should be considered.
 
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.

Related articles:

Risk Assets Fall on Increased Recession Fears

By Mahmoud Alkudsi

07/12/2022

Week Ahead Preview 5th of December

By Mahmoud Alkudsi

05/12/2022

Gold Poised for Second Week of Gains as Fed’s...

By Agnes Lovasz

02/12/2022

EUR/USD Price Stabilizes as Markets Brace for...

By Mahmoud Alkudsi

30/11/2022

Week Ahead Preview 28th of November

By Mahmoud Alkudsi

28/11/2022

Meet our contributors
Carl Capolingua
×
Carl Capolingua
Market Analyst, Melbourne

Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions. Specialising in Australian and US stock markets in particular, Carl uses a top-down approach to assess the global macro picture before using both technical and fundamental techniques to select stocks. He regularly appears as an expert commentator on a number of media outlets throughout the Asia-Pacific region.
 
 
 

Lesego
×
Lesego Mthombothi
Market Research Analyst, South Africa

Lesego Mthombothi is an experienced market research analyst and investment professional who proudly holds an honours degree in investment management and completed her CFA level 1.
 
 
 

Mahmoud Alkudsi
×
Mahmoud Alkudsi
Chief Markets Analyst, MENA

Mahmoud is a market analyst, with over a decade of experience in financial markets. He follows main market movers and tracks their effect on the price chart. Mahmoud mixes technical and fundamental tools with a deeper focus on the technical side, and with his wide experience in providing educational and guidance materials to all levels of traders, he helps them in making informed trading decisions. Before joining ThinkMarkets, Mahmoud was head of market research departments in different reputed financial companies, where he provided market analysis for a variety of asset classes, including FX, equities, indices, and commodity futures. As an experienced market commentator, he was hosted by too many print and broadcast media, including not limited to Sky News Arabia, France 24, Alarabyia, Alsharq-Bloomberg, and CNBC Alarabyia to discuss key risk events their clear impact on the price action. Mahmoud holds a Master of Business Administration (MBA) from Cardiff Metropolitan University of Wales, UK, and speaks Arabic, English, and Spanish.

Shawn
×
Shawn Lee
Market Analyst, Malaysia

Shawn Lee has over eight years of experience in the financial market as a market analyst. Shawn provides market key insights and trade ideas through the market and technical analysis. He also held trader roles and guided traders in maximising one’s trading success.

Carl Capolingua
Carl Capolingua
Carl has over 20 years' experience in financial markets and has held senior analyst roles at a number of financial institutions.
Lesego
Lesego Mthombothi
Lesego Mthombothi is an experienced market research analyst and investment professional who proudly holds an honours degree in investment management and completed her CFA level 1.
Mahmoud Alkudsi
Mahmoud Alkudsi
Mahmoud is a market analyst with over a decade of experience in financial markets. Mahmoud mixes technical and fundamental tools with a deeper focus on the technical side, and has experience in providing guidance to all levels of traders.
Shawn
Shawn Lee
Shawn Lee has over eight years of experience in the financial market as a market analyst. Shawn provides market key insights and trade ideas through the market and technical analysis. He also held trader roles and guided traders in maximising one’s trading success.
Any opinions, news, research, analyses, prices or other information contained on this website is provided as general market commentary and does not constitute investment advice. ThinkMarkets will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Back to top