World gold prices increased strongly

World gold prices exploded strongly when the USD dropped. Recorded at 9:30 a.m. on November 18, the US Dollar Index measuring the fluctuation of the greenback with 6 major currencies was at 106,562 points (down 0.05%).

Although the short-term technical picture has improved, it is still too early to confirm a bottom.

“Speculators will hope the sell-off since Donald Trump's victory in the US presidential election is over. However, there is nothing to indicate that yet. Gold has fallen every day in the last week, causing the precious metal to lose more than 5% in just four days.”

This week's economic calendar focuses on the US housing sector. The market will get data on U.S. housing starts and building permits for October on Tuesday, MBA mortgage applications on Wednesday and existing home sales for October on Thursday.

Other highlights include the Philly Federal Reserve's manufacturing index on Thursday. Market participants are watching to see whether the Philadelphia region will see a surge in manufacturing activity like New York state.

🔥 XAUUSD SELL 2594 - 2592🔥

💵 TP1: 2580
💵 TP2: 2570
💵 TP3: OPEN

🚫 SL: 2603