XAU/USD
As we leave November behind, when we look at the monthly performance of ounce gold, we see that it has gained 3 percent in value.

Especially with the economic data coming from the US, expectations that the Fed may start reducing interest rates next year have increased. While the dollar was suppressed with these expectations, it caused upward movements in precious metals.

GDP data from the US was monitored. According to the data received, the country's economy grew by 5.2 percent in the third quarter, above expectations. This figure was recorded as the strongest growth since the last quarter of 2021.

ISM Manufacturing Purchasing Article, which will come from the USA first at 18.00 on the last trading day of the week. End. The data will be monitored. Then, all eyes will turn to Fed Chairman Powell, who is expected to give a speech at 19:00.

If we examine the XAUUSD chart technically, 2.050 - 2.060 - 2.071 levels can be followed as resistance points and 2.035 - 2.025 - 2.010 levels can be followed as support points.

FX options markets are highlighting potential volatility risk from these central bank meetings and next week's US non-farm payrolls data.

According to Morgan Stanley, central bank policy announcements in December could certainly impact EUR/USD if the Fed goes against market pricing and/or the ECB forecasts lower inflation, marking the latest shift in market pricing for earlier rate cuts. will support.

Although Morgan Stanley said that the 10% decline required now was large, he stated that the selling wave in the dollar may have ended and at least consolidation could occur. The bank said current levels also look attractive for selling with a stop above 1.1000.

While EUR/USD was trading around 1.0600 in October, Morgan Stanley (MS), which predicts that the euro/dollar pair will drop to 1 level by April 2024, revealed that it thinks this target can still be achieved in its latest strategy research note.

The employment index fell to the lowest level seen since August 2020, when the COVID-19 epidemic affected the world.

Although the new orders index increased from 39 to 41.5, the highest level in six months, general demand decreased for the 19th month. The survey showed that factory managers do not expect a major recovery due to staff reductions again.

Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said: "November has not been the best month, and this speaks not only to the weather, but also to the situation in the eurozone's manufacturing sector. Of course, almost all sub-indexes have revived a little. But there are improvements." mostly timid and lacking the dynamism needed to declare an uptrend.” said.

HCOB's final Eurozone Manufacturing Purchasing Managers' Index (PMI), compiled by S&P Global, rose to 44.2 in November from 43.1 in October, above the preliminary forecast of 43.8.

The broad-based contraction in Eurozone manufacturing activities eased somewhat last month, but the sector remained in the contraction zone.

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Tightening in Europe will now be replaced by cooling and interest rate cut expectations. The US, on the other hand, continues to grow, although it is not a sustainable growth, and it is almost guaranteed that there will be no tightening expectations or loosening of current policy before Q2.

DXY received a reaction from 102,800.