Skip to content

CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money. CFDs are complex financial instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

Market update: gold’s latest price amid the weak dollar

US dollar weakness may be put on hold ahead of the Thanksgiving Holiday, however, the technical set-up for gold looks positive.

Source: Bloomberg

The first of November FOMC minutes meeting will shed some light on the Fed’s thinking for the months ahead. However, markets have already decided interest rates have peaked, and will be cut next year. Nevertheless, Fed chair Jerome Powell remains reticent to say the central bank has won its fight against inflation.

Powell continues to say the US central bank will hike rates further if needed, while the market is saying that US interest rates will be cut by 100 basis points by the end of next year, with the first 25bp chop penciled in at the May 2024 meeting.

With the market now backing the view that rates are not going any higher, the US dollar has been moving lower. The US dollar index has shed four points since the beginning of November and broken through several layers of support with ease. If the DXY is unable to reclaim the 200-day simple moving average, further losses are likely.

US dollar index daily chart

Source: TradingView

Gold’s technical analysis

In contrast to the US dollar, the technical outlook for gold looks positive. After selling off over the last three weeks, as markets turned risk-on, the precious metal is now seizing the US interest rate space and is pushing higher. Gold is trading above all three moving averages and is back above the 23.6% Fibonacci retracement level at $1,972. The recent $2,009/oz. high is the next target for bulls. Support is seen at $1,972/oz. ahead of $1,960/oz.

Financial markets are expected to quieten down after Wednesday, as the US celebrates Thanksgiving Day on Thursday, before the annual Black Friday event. This liquidity drain will weigh on volatility going into the weekend.

Gold daily price chart

Source: TradingView

This information has been prepared by DailyFX, the partner site of IG offering leading forex news and analysis. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.


This information has been prepared by IG, a trading name of IG Limited. In addition to the disclaimer below, the material on this page does not contain a record of our trading prices, or an offer of, or solicitation for, a transaction in any financial instrument. IG accepts no responsibility for any use that may be made of these comments and for any consequences that result. No representation or warranty is given as to the accuracy or completeness of this information. Consequently any person acting on it does so entirely at their own risk. Any research provided does not have regard to the specific investment objectives, financial situation and needs of any specific person who may receive it. It has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication. Although we are not specifically constrained from dealing ahead of our recommendations we do not seek to take advantage of them before they are provided to our clients.
CFDs are a leveraged products. CFD trading may not be suitable for everyone and can result in losses that exceed your initial deposit, so please ensure that you fully understand the risks involved.

Speculate on commodities

Trade commodity futures, as well as 27 commodity markets with no fixed expiries.

  • Wide range of popular and niche metals, energies and softs
  • Spreads from 0.3 pts on Spot Gold, 2 pts on Spot Silver and 2.8 pts on Oil
  • View continuous charting, backdated for up to five years

Put learning into action

Try out what you’ve learned in this commodities strategy article risk-free in your demo account.

Ready to trade commodities?

Put the lessons in this article to use in a live account – upgrading is quick and simple.

  • Deal on our wide range of major and niche commodities
  • Protect your capital with risk management tools
  • Enjoy some of the best spreads on the market – Spot Gold from 0.3 points

Inspired to trade?

Put what you’ve learned in this article into practice. Log in to your account now.

Live prices on most popular markets

  • Forex
  • Shares
  • Indices

Prices above are subject to our website terms and agreements. Prices are indicative only. All shares prices are delayed by at least 15 mins.

Plan your trading week

Get the week’s market-moving news sent directly to your inbox every Friday. The Week Ahead gives you a full calendar of upcoming economic events, as well as commentary from our expert analysts on the key markets to watch.

For more info on how we might use your data, see our privacy notice and access policy and privacy webpage.

You might be interested in…

Find out what charges your trades could incur with our transparent fee structure.

Discover why so many clients choose us, and what makes us a world-leading provider of CFDs.

Stay on top of upcoming market-moving events with our customisable economic calendar.