Daily Technical Analysis

Introduction: 

Welcome to our daily technical analysis of the financial markets, focusing today on GBP/USD and Gold. Let's dissect the latest news, market trends, and crucial price levels to watch out for.  

1. GBP/USD Analysis:  

News Summary: 

British retailers reported their worst sales on record in October and predicted more difficult times in November as households struggle to cope with high living costs. Overall, the survey confirms to a series of pessimistic business outcomes that point to the possibility of stagnant economic output or even a mild recession.  

Trend Analysis: 

We can see GBP/USD dropped after the US GDP data issued but then rebounded, and the price is currently running below the 48 hours moving average. Since the MACD double line and histogram bar has formed bottom divergence near the zero axis, it cannot be ruled out that the pound will rebound in the short term. Owing to strong US dollar, the sell limit can be employed, stop loss is necessary.   

Today's Key Price Levels: 

Key Support Levels: [1.2000] 

Key Resistance Levels: [1.2220] 

Pivot Points [1.2170] 

2. Gold Analysis:  

News Summary: 

With US GDP in the third quarter much stronger than expected, with an annualized growth rate of 4.9%, the recession predicted over the past 18 months did not actualize this year, and current economic trends will persist. However, if gold continues to retreat lower, only a change in overall risk sentiment in terms of geopolitical risks will likely lead to gold selling. Next week's central bank meeting is important, but geopolitical concerns won't disappear soon, which will continue to support gold.  

Trend Analysis:

 We can see the gold is keep upward after the price retreated and tested support area. At the same time, MACD double line and histogram bar formed a shrinkage. Gold experienced some correction following the release of stronger than expected US GDP data, but safe-haven demand continued to support the price. Consequently, the buy limit would be reasonable option for gold under current tense situation, stop loss is mandatory.   

Today's Key Price Levels: 

Key Support Levels: [1954] 

Key Resistance Levels: [2012] 

Pivot Points [1970]