• Home
  • Analytics
  • Market News
  • Gold Price Forecast: XAU/EUR retreats under €1,600, approaches Pitchfork’s middle-trendline

Market news

25 November 2021

Gold Price Forecast: XAU/EUR retreats under €1,600, approaches Pitchfork’s middle-trendline

  • XAU/EUR recovers some of its weekly losses, barely up 0.01.%.
  • Falling German 10-year bunds and German Real Yields keep the EUR pressured to the downside.
  • XAU/EUR: Tilted to the upside, as long as it remains above €1,575.

Gold (XAU/EUR) vs. the euro trims some of its weekly losses, advances 0.01%, trading at €1,596 during the day at the time of writing. Thin liquidity conditions with the US on Thanksgiving holiday, and an upbeat market, put a lid on the yellow-metal free fall. European stock indices are in the green, while US equity futures point to the upside.

Meanwhile, the German 10-year bund, which significantly influences the EUR, falls almost three basis points, sitting at -0.248%. Also, German Real Yields drop seven basis points, down to -1.93%, weighing on the EUR fall against the non-yielding metal.

Choppy trading conditions in the XAU/EUR keep gold trading in a narrow range of €1,594-€1,600; amid thin liquidity conditions, US Stock and Money Markets remain closed, in the observance of Thanksgiving.

On Thursday, the Eurozone economic docket featured the German GFK Consumer Confidence Survey for December showed a further contraction than expected. The number came at –1.6, lower than the -0.5 expected. Further, the Gross Domestic Product for Germany for the Q3 came at 1.7%, a tenth lower than the 1.8% expected, which caused no meaningful impact on XAU/EUR. 

XAU/EUR Price Forecast: Technical outlook

The daily chart depicts that gold corrected beneath the top-trendline of the Pitchfork’s channel, from YTD tops around €1,650, down to around €1,580, near the middle-trendline of Pitchfork’s channel, which acted as support. Since then, gold has stabilized around the €1,575-€1,600 range, though XAU/EUR still tilted to the upside, per the daily moving averages (DMA’s) residing below the spot price with an upward slope.

On the upside, the first resistance would be €1,600. A breach of the latter would expose Pitchfork’s top-trendline to around €1,640. Otherwise, the first support would be Pitchfork’s middle-trendline around €1,575, followed by the confluence of the 50-DMA and the July 16 swing high at €1,550.

Market Focus

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

Open Demo Account
I understand and accept the Privacy Policy and agree that my name and contact details can be used by TeleTrade to contact me about the information I have selected.
23 International Awards
Have a question?

We are ready to assist you in every step of your trading experience
by providing 24/5 multilingual customer support.

Follow us

Risk Warning: Trading Forex and CFDs on margin carries a high level of risk and may not be suitable for all investors. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Prior to trading, you should take into consideration your level of experience and financial situation. TeleTrade strives to provide you with all the necessary information and protective measures, but, if the risks seem still unclear to you, please seek independent advice.

© 2011-2021 Teletrade-DJ International Consulting Ltd

Teletrade-DJ International Consulting Ltd is registered as a Cyprus Investment Firm (CIF) under registration number HE272810 and is licensed by the Cyprus Securities and Exchange Commission (CySEC) under license number 158/11.

The company operates in accordance with the Markets in Financial Instruments Directive (MiFID).

The content on this website is for information purposes only. All the services and information provided have been obtained from sources deemed to be reliable. Teletrade-DJ International Consulting Ltd ("TeleTrade") and/or any third-party information providers provide the services and information without warranty of any kind. By using this information and services you agree that under no circumstances shall TeleTrade have any liability to any person or entity for any loss or damage in whole or part caused by reliance on such information and services.

TeleTrade cooperates exclusively with regulated financial institutions for the safekeeping of clients' funds. Please see the entire list of banks and payment service providers entrusted with the handling of clients' funds.

Please read our full Terms of Use.

To maximise our visitors' browsing experience, TeleTrade uses cookies in our web services. By continuing to browse this site you agree to our use of cookies.

Teletrade-DJ International Consulting Ltd currently provides its services on a cross-border basis, within EEA states (except Belgium) under the MiFID passporting regime, and in selected 3rd countries. TeleTrade does not provide its services to residents or nationals of the USA.

Material posted here is solely for information purposes and reliance on this may lead to losses. Past performances are not a reliable indicator of future results. Please read our full disclaimer.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 72.72% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Choose your language/location