{"id":441765,"date":"2026-11-09T16:40:13","date_gmt":"2026-11-09T09:40:13","guid":{"rendered":"https:\/\/www.swingfish.trade\/blog\/market-news\/gold-remains-skewed-to-the-upside-amid-favourable-macro-backdrop-with-us-iran-and-cpi-in-focus-441765\/"},"modified":"2026-11-09T16:40:13","modified_gmt":"2026-11-09T09:40:13","slug":"gold-remains-skewed-to-the-upside-amid-favourable-macro-backdrop-with-us-iran-and-cpi-in-focus","status":"publish","type":"post","link":"https:\/\/www.swingfish.trade\/blog\/market-news\/gold-remains-skewed-to-the-upside-amid-favourable-macro-backdrop-with-us-iran-and-cpi-in-focus-441765\/","title":{"rendered":"Gold remains skewed to the upside amid favourable macro backdrop, with US-Iran and CPI in focus"},"content":{"rendered":"
\n

Gold continues to
\n consolidate around recent highs as markets await new US-Iran developments and
\n the US CPI report tomorrow. <\/p>\n

On the US-Iran
\n front, Trump told CNN that the US is unlikely to resume military action against
\n Iran if negotiations make sufficient progress on Tehran\u2019s nuclear programme and
\n the reopening of the Strait of Hormuz. However, he stressed that any decision
\n to avoid further strikes would depend on Iran agreeing to a strong enough deal,
\n adding that the US remains ready to take military action if necessary.<\/p>\n

US Secretary of
\n State Rubio said negotiations with Iran have made little progress, describing
\n Tehran’s demands as unacceptable, but stressed that Washington remains open to
\n pursuing a diplomatic resolution.<\/p>\n

On the US CPI
\n side, the data tomorrow could seal a rate hike for the December FOMC meeting,
\n with traders already pricing in a 79% probability. <\/p>\n

If we get a hot
\n report, we could see a downward spike in gold, but I would expect the losses to
\n be faded. This is because rate hikes at this point should put even more
\n downward pressure on the stock market and long-term Treasury yields amid growth
\n concerns. Soft data, on the other hand, should trigger an immediate rally on a
\n dovish repricing. <\/p>\n

Keep in mind that
\n in the current context, if Trump decides to escalate the war, inflation
\n expectations would rise alongside weakening growth outlook, creating a
\n stagflationary environment. This should be bullish for gold. At the same time,
\n if we get a de-escalation, we could see a dovish repricing on easing inflation
\n concerns, which should also support gold in the short-term. <\/p>\n

\u00a0<\/p>\n

GOLD TECHNICAL
\n ANALYSIS \u2013 DAILY TIMEFRAME<\/p>\n<\/p>\n

On the daily chart, we can
\n see that gold<\/a>(CFD contract) is consolidating
\n above the broken trendline. The buyers will likely continue to pile in around
\n these levels, with a defined risk below the trendline, to keep targeting new
\n highs. The sellers, on the other hand, will need to see the price breaking
\n below the major upward trendline to open the door for new lows.<\/p>\n

GOLD TECHNICAL ANALYSIS \u2013 4
\n HOUR TIMEFRAME<\/p>\n<\/p>\n

On the 4 hour chart, we have
\n a minor support zone around the 4,040 level. If we get another pullback, we can
\n expect the buyers to step in around the support, with a defined risk below the
\n broken trendline, to keep targeting the 4,500 level. The sellers, on the other
\n hand, will look for a break below the support to extend the pullback into the
\n minor upward trendline next.<\/p>\n

GOLD TECHNICAL ANALYSIS \u2013 1
\n HOUR TIMEFRAME<\/p>\n<\/p>\n

On the 1 hour chart, we
\n have another minor upward trendline that could act as support. The buyers might
\n want to split their positions in case the price breaks the trendline and eventually
\n bounces around the support. The sellers, on the other hand, will need to wait
\n for a break below the support to open the door for new lows. The red lines
\n define the average daily range<\/a> for today.<\/p>\n

UPCOMING CATALYSTS<\/p>\n

Tomorrow<\/a>we have
\n the US CPI report. On Thursday, we get the latest US Jobless Claims figures. On
\n Friday, we conclude the week with the US PPI data. <\/p>\n

This article was written by Giuseppe Dellamotta at investinglive.com.<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"

Gold continues to consolidate around recent highs as markets await new US-Iran developments and the US CPI report tomorrow. On the US-Iran front, Trump told CNN that the US is unlikely to…<\/p>\n","protected":false},"author":216,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[86],"tags":[],"class_list":["post-441765","post","type-post","status-publish","format-standard","hentry","category-market-news"],"_links":{"self":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/441765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/users\/216"}],"replies":[{"embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/comments?post=441765"}],"version-history":[{"count":0,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/posts\/441765\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/media?parent=441765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/categories?post=441765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.swingfish.trade\/blog\/wp-json\/wp\/v2\/tags?post=441765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}