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XAUUSD (GOLD) UPDATE
No change to this earlier poste xcept high has been extended to 4159
- With downward momentum broken, today’s high at 4155 becomes the obstacle to putting 4200 on the radar.
- On the downside, support at 4110 needs to hold to keep a bid. Fallback support 4063-88.
XAUUSDÂ 4 HOUR CHART
Who Is Kevin Hassett and is he qualified to be the next Fed Chair?
Education:
- Bachelor’s degree from Swarthmore College.
- MA and PhD in Economics from the University of Pennsylvania.
Career
- Taught as an associate professor of economics & finance at Columbia Business School.
- Visiting professor at NYU Law School.
- Economist at the Federal Reserve Board of Governors (1990s).
- U.S. Treasury as a policy consultant.
- Longtime scholar at the American Enterprise Institute (AEI), focusing on tax policy, fiscal issues, energy, and investing.
Government Service (Trump Administration):
- Chair, Council of Economic Advisers from Sept 2017 to June 2019.
- Returned in 2020 as senior economic adviser during the COVID-19 pandemic, focusing on economic modeling and forecasting.
- In early 2025, he was appointed Director of the National Economic Council under Trump.
USD SPIKES DOWN ON REPORT OF FED CHAIR FRONTRUNNER
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Let the negotiations begin
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CB consume confidence miss
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GBP spiked higher (up vs. EUR as well) on budget headline…
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US Sept PPI in line with cosnensus (also old data)
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Sept Retail Sales miss (but old data)
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ADP weekly jobs lower (next up Sep Retail Sales and PPI)
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Ukraine agrees but what about Russia?
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EURUSD 4h
Resistances: 1.15400, 1.15500 & 1.15650
Supports: 1.15250, 1.15100 & 1.14850
If EUR manages to go over 1.15400 in next hour and half, we might see building up of bullish sentiment.
However, loss of 1.15250 would signal a continuation of the down wave.
1.14850 the Major level to watch – once lost it opens a road for 1.12 zone…
FX option expiries for 25 November 10am New York cut
There aren’t any major expiries to take note of on the day, with the full list seen below.
As such, trading sentiment will continue to revolve around the risk mood for the most part although major currencies remain relatively muted still on the week. Traders might be winding down towards the Thanksgiving holidays but keep in mind that month-end is also approaching and that could stir up some flows before the end of the week.
In any case, the pound will be a key highlight in trading tomorrow as outlined here earlier. So, there is at least something to look out for this week.
USDJPY UPDATE
- Woke up to shifting Fed rate cut expectations and went from underperformer to overperformer.
- Brief break of 156.19 so far not following through (low 156,14).. firm break opens a clear path to 154.80-155.20
- Resistance: 156.85 (intra-day), 156.98-157.18 (4 hour)
- Use the 4 hour trendline as initial resistance, above that is 157.00-20.
USDJPY 4 HOUR CHART
Newsquawk Daily US Opening News
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Nvidia news
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