Market update: gold exhibits caution above $2000 amid holiday-impacted, low-volume trading - IG

Gold expected to underwhelm this thanksgiving weekend

Gold prices experienced an early uptick in trading but struggled to sustain the momentum, given the anticipated light activity during the Thanksgiving long weekend. Despite multiple attempts, gold has faced challenges surpassing the $2000 threshold, with two instances of reaching $2010 followed by immediate downturns.

A slight strengthening of the dollar yesterday exerted pressure on gold prices, triggered by November's initial jobless claims missing expectations. Despite recent weaker fundamental data from the US over the past three weeks, the jobless claims figures suggest a robust labour market.

Navigating ceasefire dynamics between Israel and Hamas

The looming question for gold revolves around the recently brokered ceasefire between Israel and Hamas, designed to facilitate the safe passage of hostages and prisoners. This agreement marks a significant diplomatic achievement since the 7 October attack, and only time will reveal whether it signals a substantial step towards further agreements and the facilitation of aid into the most affected regions.

Resistance remains at $2010 with nearby support at $1985, followed by the 200 SMA and the $1937 level.

Gold daily chart

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2023-11-24 03:02:03Z
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