Fundamental view:

Gold is down for the third week in a row but it does not mean that the bull market is over, Some analysts are beginning to reverse their expectations of $2,000 gold by the end of the year. Analysts remain certain that the macro environment is still very supportive of higher gold; some are starting to postpone expectations of new record high prices until next year.

The major economic events deciding the movement of the pair in the next week are OPEC Meetings at Nov 30, ISM Manufacturing PMI, Fed Chair Powell Testimony at Dec 01, ADP Nonfarm Employment Change at Dec 02, ISM Non-Manufacturing PMI at Dec 03, and Nonfarm Payrolls at Dec 04 for US.

XAU/USD Weekly outlook:

Technical View:

Last week’s high was 1.21% lower than the previous week. Maintaining high at 1876.1 and low at 1774.3 showed a movement of 1018 pips.

In the upcoming week we expect XAU/USD to show a bullish trend.  The Instrument is trading below the 200 Simple Moving Average and the MACD trades to the upside. A solid breakout above 1850.3 may open a clean path towards 1914.1 and may take a way up to 1952.1. Should 1748.5 prove to be unreliable support, the XAUUSD may sink downwards 1710.4 and 1646.6 respectively. In H4 chart three drives pattern formation favors prospects of a bullish trend. Also to be noted bullish spinning top formation exerts the expectation of uptrend for the pair.