GOLD - USD - Gold review 25/11/2025 - 11/25/2024 (GMT)

Gold price fell sharply due to a risk-on environment and expectations of slower Fed rate cuts, supported by declining US bond yields and revived USD demand.Investor sentiment improves following Scott Bessent's nomination as US Treasury Secretary and reports of a potential ceasefire between Israel and Hezbollah, reducing demand for the safe-haven metal. Optimism around pro-business policies under President-elect Donald Trump and strong US economic data, including a rise in the Composite PMI to 55.3, boost equity markets and the US Dollar, adding pressure on gold. However, declining US Treasury bond yields, spurred by Bessent's fiscal conservatism, limit gold's downside.
 From a technical point of view, the price has found sufficient support around $2,560 which was a combination of the 100-day moving average, the lower band of the Bollinger bands and also was just above the 50% of the daily Fibonacci retracement level. Currently, it is testing the major support area of the 50-day moving average and the 23.6% of the daily Fibonacci retracement level while the Stochastic oscillator is in the extreme overbought levels and could potentially point to a bearish correction in the short term. If the price finds sufficient support around the $2,670 price area it might rebound to the upside and potentially retest the previous high around $2,790. On the other hand if the bears are proven to be stronger than the bulls then the next area of possible support might be found around $2,600 which is the psychological support of the round number as well as the 38.2% of the Fibonacci retracement level.