Technical analysis by Alexia_Putellas about Symbol PAXG on 11/8/2023

Hello everyone.Last week, we witnessed a significant increase in the price of gold. At one point, gold reached a high of $2010. Currently, gold is trading around $1948, down about $20/ounce from yesterday.It is clear that the decline in US bond yields has weakened the US dollar and supported some XAU/USD. The economic uncertainties in China further helped limit losses ahead of Fed Chairman Powell's speech.Gold traders are awaiting the weekly Unemployment Claims data from the US and Powell's speech for new trading impetus. If Powell maintains a less hawkish stance, gold prices may experience a much-needed decline. However, the weakness in gold prices could persist if the Fed Chairman does not provide any signals regarding interest rate prospects.