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Nov 25 2014, 11.55am GMT


Gold [XAUUSD] prices are currently below the three-week high level since Monday.

Investors are reflecting on the prospects of rising U.S. borrowing costs and global efforts for economic growth.

On Nov. 21, Gold traded at its highest since Oct. 30 - $1,207.93, while China, Japan and Europe began attempts to boost their economic growth.

When the Federal Reserve inclined towards rising interest rates and other central banks decided it is time for monetary easing, Gold was sent on a course for the first back-to-back annual drop since 2000, Bloomberg reported.

On Friday, last week China surprised the markets by announcing interest rates cut for the first time since 2012, following the Bank of Japan boosting its stimulus measures last month despite a split vote. Since June, the European Central Bank has cut rates, gave long-term loans to banks and bought bonds and asset-backed securities.

XAUUSD slipped on Monday, trading at 1201.45-1203.93 compared to 1207.59 on Friday. The price change happened after Germany’s central bank president, Jens Weidmann, also a member of the European Central Bank’s 24-person governing council, said that monetary policy alone is not enough to create growth and must be supported by higher productivity and policy reforms. Mr. Weidmann’s comments differed from the statements made on Friday by the ECB President Mario Draghi, who said that the central bank is seriously considering expanding its stimulus programme.

XAUUSD Chart on MT4

gold on stock.com

Looking ahead to the end of the month, investors are also keeping an eye on Switzerland. On Nov. 30 Swiss voters will decide on whether to approve an initiative that could lead the country’s central bank to more than double its gold reserves. Business and political leaders have spoken against the proposal as the date of the vote approaches, pointing out potential risks to the Swiss National Bank’s ability to protect the economy.

Suki Cooper, Barclays precious metals analyst noted that Gold prices are likely to become volatile ahead of the Swiss vote.

The bullish scenario for Gold today is Long positions above the daily pivot point 1196.50$ with targets at 1206.85$ next 1218.00$ in extension. Alternative, Bearish scenario is short positions below the daily pivot point 1196.50$ with targets at 1185.35$ next 1174.95$ in extension. Daily Chart Support and Resistance levels are 1208.00, 1220.00, 1235.50, 1255.60 and 1173.00, 1130.00, 1120.00, 1100.00, 1080.00 respectively.

Silver [XAGUSD] increased by 0.3% to $16.5340 an ounce, rising for a fourth day in the longest run since June.

 XAGUSD Chart on MT4

silver on stock.com

STOCK.com offers daily technical analysis for Gold and Silver, including main support and resistance levels and intra-day trading strategies based on same day Pivot Points.

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