Date: November 19, 2025

Asset Class: Precious Metals (Spot Gold), Fixed Income, FX

Subject: Comprehensive Analysis of Market Structure, Institutional Positioning, and Trading Strategies amid Federal Reserve Data Blackout

1. Executive Strategic Overview

The global financial markets, and specifically the precious metals complex represented by Spot Gold (XAU/USD), are currently navigating a period of profound epistemological uncertainty. As of November 19, 2025, the market is grappling with the aftermath of a historic 43-day United States government shutdown, an event that has disrupted the continuity of economic data, obscured the Federal Reserve’s visibility, and fundamentally altered the risk premiums embedded in sovereign assets.¹ Spot gold is currently trading in a high-tension consolidation zone, oscillating around the $4,070–$4,110 pivot, having retraced from its October all-time highs of nearly $4,400 per ounce.³

This report serves as an exhaustive strategic dossier for institutional and sophisticated private traders. It is designed to answer critical questions regarding intraday and swing trading technicals, institutional accumulation patterns, and the likely outcome of the upcoming Federal Open Market Committee (FOMC) deliberations. The analysis suggests that while the long-term structural bull market for gold—underpinned by central bank de-dollarization and fiscal dominance—remains intact, the immediate short-term environment is characterized by a “data vacuum” that heightens the risk of volatility spikes and policy miscalibration.⁵

Our analysis integrates three core pillars:

1. Macro-Prudential Landscape: Assessing the “Flying Blind” Fed and the impact of the shutdown on GDP and inflation modeling.
2. Institutional Flow Dynamics: Decoding the behavior of Central Banks (PBoC), Sovereign Wealth Funds, and ETF flows to identify the “smart money” bias.
3. Technical Market Structure: Providing precise, algorithmic-grade levels for scalping, intraday, and swing trading based on fractal market analysis.

The convergence of these factors points toward a market that is coiling for a significant directional break, likely catalyzed by the release of the FOMC minutes and the subsequent backlog of macroeconomic data.

2. The Macro-Economic Landscape: Monetary Policy in a Data Vacuum

2.1 The “Flying Blind” Phenomenon and Policy Risk

The most critical variable influencing XAU/USD price action in November 2025 is the degradation of data fidelity. The 43-day government shutdown has created what economists and Fed watchers describe as an “unprecedented data vacuum”.² The Federal Reserve, which prides itself on “data-dependent” decision-making, has been forced to operate without its primary navigational instruments—specifically, the official employment reports from the Bureau of Labor Statistics (BLS) and the Consumer Price Index (CPI) data.⁶

Fed Chair Jerome Powell has previously likened this situation to “driving in the fog,” implying that the prudent policy response is to slow down.² However, the market’s interpretation of this “slow down” is multifaceted. The absence of the September and October jobs reports means that the FOMC’s decisions for the December 9-10 meeting will be based on stale data or less reliable private-sector proxies, such as ADP payrolls, which often diverge significantly from official NFP prints.⁶

This lack of clarity has profound implications for the yield curve and real interest rates, which are the primary drivers of gold valuation. When the Fed cannot accurately gauge labor market tightness, the risk of policy error increases. If the labor market has deteriorated faster than private data suggests—indicated by the recent rise in continuing jobless claims to 1.9 million—the Fed may be keeping rates too restricted for too long, increasing the probability of a recession.⁸ Conversely, if inflation has re-accelerated unnoticed during the shutdown, a premature pause in rate hikes could unanchor inflation expectations. This binary risk environment naturally supports the safe-haven premium in gold.

2.2 Analyzing the Shutdown’s Economic Scarring

To understand the Fed’s likely stance, one must quantify the economic impact of the shutdown itself. The Congressional Budget Office (CBO) provides a nuanced assessment that the market is currently digesting. The CBO estimates that the shutdown will reduce annualized real GDP growth in the fourth quarter of 2025 by between 1.0 and 2.0 percentage points.¹ While the CBO projects that much of this lost GDP will be recovered in the first quarter of 2026 as federal workers receive back pay and deferred spending resumes, there remains a permanent loss of economic activity estimated at approximately $11 billion to $14 billion.¹

For the gold market, this “U-shaped” economic trajectory—a sharp dip in Q4 followed by a rebound in Q1—creates a complex trading environment.

• The Q4 Dip: The immediate drag on GDP supports the argument for a dovish Fed pivot or a “skip” in December, which is bullish for gold in the short term.
• The Q1 Rebound: The anticipation of a growth surge in early 2026 could drive yields higher, potentially capping gold’s upside in the medium term.

Furthermore, the shutdown has disrupted supply chains and delayed roughly $800 million in federal contract awards per day.¹⁰ The ripple effects on the defense, aerospace, and small business sectors contribute to a softer economic undertone that persists even after the government reopens.¹¹ This structural weakness supports the argument that the Fed may need to adopt a more accommodative stance earlier than the “Dot Plot” previously indicated.

2.3 FOMC Minutes Expectations and The “Blackout”

The release of the minutes from the October 28-29 FOMC meeting is imminent and serves as the primary catalyst for the current trading week. At that meeting, the Fed cut rates by 25 basis points to a target range of 3.75%-4.00%.¹² However, the minutes will reveal the internal debate regarding the path forward.

The market is pricing in a divergence of opinion within the committee:

• The Dovish Camp: Led by officials like Governor Barr, who emphasizes the need to support the labor market while inflation trends toward 2%.¹³ This group likely argued that the shutdown posed a downside risk to growth, warranting insurance cuts.
• The Hawkish Camp: Officials concerned that inflation remains elevated and that easing into a supply-shock event (the shutdown) could reignite price pressures.¹²

Crucially, we are currently in a communication “blackout” or quiet period regarding the current views of Fed officials. The Federal Reserve staff and FOMC participants are generally prohibited from speaking publicly between a week prior to the Saturday preceding an FOMC meeting and the Thursday following that meeting.¹⁵ With the next meeting scheduled for December 9-10, the market is heavily reliant on the historical text of the October minutes rather than fresh guidance. This heightens the sensitivity to the document; any phrase indicating hesitation to cut further in December could trigger a sharp repricing of the probability of a December cut, which has already fallen from 92% to 67%.²

2.4 Regulatory Dominance and Balance Sheet Constraints

A sophisticated dimension of the current macro environment was highlighted by Governor Stephen I. Miran in his November 19 speech regarding “Regulatory Dominance of the Federal Reserve’s Balance Sheet”.¹⁶ Miran argued that financial regulations, specifically leverage requirements on banks, are constraining the Fed’s control over monetary policy transmission.

This is a critical, often overlooked factor for gold traders. If regulations prevent banks from intermediating in the Treasury market, volatility in bond yields increases. To counteract this, the Fed might be forced to maintain a larger balance sheet or engage in liquidity provision operations regardless of its interest rate targets. This phenomenon—where regulatory constraints force the central bank’s hand—is implicitly bullish for gold, as it suggests that “Quantitative Tightening” (QT) has structural limits. If the Fed cannot shrink its balance sheet as planned due to banking stability concerns, the debasement of the currency continues, underpinning the long-term investment case for precious metals.

3. Institutional Positioning: Decoding the “Smart Money”

Understanding the flows of institutional capital is essential for distinguishing between transient retail noise and durable market trends. The current environment displays a distinct bifurcation between Western financial flows and Eastern strategic accumulation.

3.1 The “Central Bank Put”: Structural Sovereign Accumulation

The most powerful force in the gold market remains the relentless accumulation by central banks, a trend that Goldman Sachs predicts will persist through the end of the decade.¹⁷ This is not a cyclical trade but a structural shift in global reserve management.

• The PBoC Strategy: The People’s Bank of China (PBoC) has reported gold purchases for 12 consecutive months, bringing its total official holdings to 2,304 tonnes.¹⁸ This buying is driven by a strategic imperative to diversify foreign exchange reserves away from the US Dollar, mitigating the risk of asset freezes or sanctions—a lesson learned from the geopolitical events of 2022.¹⁷
• The Floor Price: Goldman Sachs analysis suggests that this sovereign buying acts as a non-price-sensitive floor under the market. Unlike financial investors who may sell when yields rise, central banks buy for strategic security. This creates a “Central Bank Put,” effectively limiting the downside risk for gold prices during corrections. Goldman Sachs maintains a bullish target, forecasting gold to reach $4,900 by the end of 2026.¹⁹

For the trader, this implies that deep corrections into the $3,900–$4,000 zone are likely to be met with substantial bid support from sovereign actors, making aggressive short-selling strategies risky over longer timeframes.

3.2 ETF Flows and The “Retail” Rotation

While central banks buy physical bars, the “paper gold” market tracked by ETFs reveals a different sentiment. Global gold ETFs recorded inflows for five consecutive months leading up to November, driving Assets Under Management (AUM) to record highs of $503 billion.²⁰ However, a divergence has emerged.

• Regional Divergence: North American and Asian funds have continued to absorb inflows, while European funds have turned into net sellers.²⁰ This suggests that European investors, possibly seeing the ECB peak in rates, are rotating capital elsewhere, while US investors remain concerned about fiscal stability and the election cycle.
• The Multi-Asset Rotation: A nuanced trend observed in emerging markets like India is the rotation from pure Gold ETFs into Multi-Asset Allocation funds. In October, Gold ETF inflows in India declined by 7%, while Multi-Asset fund inflows surged by 7%.²¹ This indicates that while investors want gold exposure, they are increasingly preferring diversified vehicles to capture equity upside while maintaining a gold hedge. This tactical shift suggests that “FOMO” (Fear Of Missing Out) buying in pure gold ETFs has cooled, contributing to the current consolidation phase.

3.3 The Invisible Hand: COT Data Blackout

A significant risk factor for institutional positioning is the suspension of the Commitments of Traders (COT) reports by the CFTC during the government shutdown.²² The COT report is the primary tool used by hedge funds and commercial banks to gauge market saturation.

• Flying Blind on Leverage: Without the COT data, the market does not know the extent of the net-long position held by “Managed Money” (speculators). Historically, when speculative longs reach extreme levels, a contrarian sell-off is imminent.
• Liquidity Implications: The lack of transparency forces risk managers at major banks to reduce their exposure and widen bid-ask spreads to account for the unknown. This reduction in liquidity depth means that when the FOMC minutes are released, the price reaction could be exacerbated—movements that would normally span $10 could stretch to $25 due to a thin order book.

4. Technical Analysis and Market Structure

This section provides a granular technical breakdown of XAU/USD across multiple timeframes, utilizing fractal market analysis to align scalping, intraday, and swing trading strategies.

4.1 The Monthly and Weekly “Super-Cycle” (Investment View)

On the macro timeframe, gold is in a secular bull market. The retreat from the October high of ~$4,382 is technically classified as a secondary correction within a primary uptrend.⁴

• Trend Definition: The sequence of higher highs and higher lows remains unbroken on the weekly chart. The 2025 performance, up over 53%, underscores the momentum.⁴
• Key Support: The 50-week Moving Average acts as the dynamic floor. The $4,000 psychological level is critical; it represents not just a round number but the confluence of the 78.6% Fibonacci retracement of the recent impulse leg.²³
• Outlook: As long as price holds above the $3,900–$3,930 structural pivot, the path of least resistance remains higher, targeting the $4,500–$4,700 zone in 2026.²⁴

4.2 The 4-Hour Swing Structure (Tactical View)

The 4-hour chart is the primary timeframe for determining swing trends. Currently, the market is in a Neutral/Corrective phase, forming a consolidation pattern that resembles a “Bull Flag” or a complex correction.

Key Technical Elements:

• Fibonacci Confluence: The most significant technical level currently is $4,040. This price point aligns perfectly with the 61.8% Fibonacci retracement of the early November rally.²³ In algorithmic trading, the 61.8% level (the Golden Ratio) is a programmed “buy zone” for trend-following systems. A sustained break below $4,040 triggers a liquidation cascade toward $4,000.
• Momentum Divergence: The Moving Average Convergence Divergence (MACD) histogram is printing red bars, indicating bearish momentum. However, the bars are shortening (converging), and the signal line is showing signs of bottoming.²³ This is a classic “bullish divergence” setup, suggesting that the selling pressure is exhausting and a reversal may be imminent.
• RSI Structure: The Relative Strength Index (RSI) has flatlined below the 50 mid-line.²³ This “dead zone” is typical of pre-news consolidation. A breakout of the RSI above 55 would confirm a return of bullish momentum.

4.3 The 15-Minute and 1-Hour Intraday Structure (Scalping View)

For short-term traders, the market is exhibiting “Choppy” behavior, characterized by mean reversion around the Volume Weighted Average Price (VWAP).

• The Pivot: The $4,070 level is acting as the intraday pivot. Prices are oscillating around this mean.
• Consolidation Pattern: On the 1-hour chart, price action has formed a defined range between $4,055 (support) and $4,100 (resistance).
• Pattern Recognition: An “Inverted Head and Shoulders” pattern is potentially forming on the short-term timeframe, with the “head” at the recent lows of $4,030–$4,000 and the “neckline” around $4,100.²⁵ A breakout above $4,100 validates this reversal pattern, projecting a measured move toward $4,140–$4,170.

4.4 Technical Levels Matrix

The following table summarizes the critical support and resistance levels derived from the current market structure. These levels should be used for setting entry, stop-loss, and take-profit orders.

Level Type	Price Zone ($)	Technical Rationale & Institutional Significance
Major Resistance	4,250	Monthly High / Supply Zone 23
Swing Resistance	4,210	Nov 14 High / Key Swing Pivot 23
Intraday Resistance	4,170	Nov 13 Low (Support turned Resistance) 23
Breakout Trigger	4,100 – 4,110	Psychological Barrier / Neckline of Inv. H&S 25
Current Pivot	4,070	Intraday Equilibrium / VWAP Anchor
Intraday Support	4,055 – 4,060	Session Lows / Lower Bollinger Band 26
Critical Support	4,040	61.8% Fibonacci Retracement (Key Algo Level) 23
Major Support	4,000	78.6% Fibonacci / Institutional Buy Wall / Psychological 28
Trend Invalidation	3,930	Nov 4 Low / Structure Break 26

5. Strategic Trading Scenarios & Signals

Based on the synthesis of the “Flying Blind” macro backdrop and the technical levels identified, we present three distinct trading strategies tailored for Scalping, Intraday, and Swing methodologies.

5.1 Strategy A: M15/H1 Scalping (Mean Reversion)

Objective: Exploit the lack of directional conviction prior to the FOMC Minutes to capture small, frequent profits (30-50 pips) within the consolidation range.

• Market Context: Range-bound volatility ($4,060 – $4,085).
• Indicators: Bollinger Bands (20, 2 SD), Stochastic Oscillator (5, 3, 3).
• Long Setup:

• Wait for price to touch the $4,058 – $4,060 zone (Lower Band/Support).
• Trigger: Look for a bullish candlestick reversal (Pin Bar, Engulfing) on the M15 chart AND Stochastics crossing up from oversold (<20).
• Stop Loss: $4,052 (Tight risk).
• Take Profit: $4,070 (Mid-Band) and $4,080 (Upper Band).
• Short Setup:

• Wait for price to touch the $4,080 – $4,085 zone.
• Trigger: Bearish rejection candle AND Stochastics crossing down from overbought (>80).
• Stop Loss: $4,092.
• Take Profit: $4,070 and $4,060.
• Warning: Strictly avoid holding positions during the release of the FOMC Minutes (14:00 ET) as spreads will widen, potentially triggering stops.

5.2 Strategy B: Intraday Breakout (Momentum)

Objective: Capture the volatility expansion following the FOMC Minutes release.

• Market Context: Breakout from the “Inside Day” or consolidation rectangle.
• Bullish Breakout Signal:

• Condition: Hourly candle close above $4,100.
• Confirmation: High volume spike.
• Rationale: Validates the Inverted Head and Shoulders pattern and clears the psychological “cap.”
• Target: $4,122 followed by $4,140.²⁷
• Stop Loss: $4,085 (Below breakout candle).
• Bearish Breakdown Signal:

• Condition: Hourly candle close below $4,040.
• Rationale: Violation of the 61.8% Fibonacci support triggers algorithmic sell programs.
• Target: $4,005 – $4,000.
• Stop Loss: $4,060.

5.3 Strategy C: Institutional Swing (Trend Following)

Objective: Align with Central Bank accumulation patterns to enter long positions at value levels for a multi-week hold.

• Market Context: “Buy the Dip” in a secular bull market.
• The Setup: The “Institutional Trap.”

• Wait for a potential “stop run” or liquidity flush that pushes price into the $3,980 – $4,020 zone. This area represents deep value and is protected by the “Central Bank Put.”
• Entry: Scale in long positions (Limit Orders) at $4,020, $4,000, and $3,980.
• Stop Loss: Daily close below $3,920 (Invalidation of the Nov 4th Low).
• Targets:

• TP1: $4,100.
• TP2: $4,250 (Retest of November highs).
• TP3: $4,380 (Retest of ATH).
• TP4: $4,900 (Long-term Goldman Sachs target).

6. FOMC Event Analysis: What Will Happen?

The user explicitly asks, “FOMC e ki hobe” (What will happen at FOMC?). Since we are dealing with Minutes and not a fresh rate decision, the impact will be derived from the tone of the historical discussion relative to current market pricing.

We project three scenarios:

Scenario	Probability	Catalyst (Minutes Content)	Institutional Reaction	Price Projection (XAU/USD)
1. Hawkish Hold	35%	Minutes reveal deep concern about inflation persistence; members discuss “pausing” cuts due to data lack.	Institutions sell bonds (yields up), buy USD. Gold longs liquidate.	Breaks $4,040. Drops to $4,000.
2. Dovish Insurance	45%	Minutes show consensus that the economy is fragile; members view cuts as “insurance” against shutdown shock.	USD weakens. Risk-on flows resume. Algo buy programs trigger.	Breaks $4,100. Rallies to $4,150.
3. Data Neutral	20%	Minutes are non-committal, emphasizing purely “data dependence” on delayed NFP.	Confusion/Chop. Volatility crushes.	Range-bound $4,050 – $4,090.

Our Base Case (Scenario 2): The Federal Reserve is historically risk-averse regarding financial stability. Given Governor Miran’s comments on regulatory dominance and the known economic drag from the shutdown, it is highly probable that the Minutes will reflect a bias toward supporting liquidity. The Fed knows that “driving in the fog” requires caution, and in central bank terms, caution usually implies maintaining accommodation rather than aggressively tightening into a slowdown. This outcome would be net-bullish for gold, likely supporting a move back toward the upper end of the consolidation range ($4,100+).

7. Conclusion

The gold market stands at a pivotal juncture. The convergence of a technical consolidation above the 61.8% Fibonacci level ($4,040) and the macroeconomic uncertainty of the “data vacuum” has created a coiled spring. While the lack of COT data and the backlog of economic reports create short-term hazards, the structural underpinnings—specifically Central Bank accumulation and the constraints on the Fed’s ability to tighten conditions (Regulatory Dominance)—remain supportive of higher prices in the medium term.

Final Recommendation for the User:

• Institutional View: The institutions are likely buyers of dips into $4,000, hedging against the geopolitical risks and the potential for a dovish policy error.
• Technical View: The immediate bias is neutral-bullish above $4,040. A breakdown below $4,040 neutralizes the bullish view and calls for a test of $4,000.
• Event View: Expect volatility at the FOMC Minutes release. The most probable path is a “buy the rumor, sell the fact” or a “dovish bounce” if the Fed signals concern over the shutdown’s economic impact.

Traders should execute the Intraday Breakout Strategy (Strategy B) for the news event and look to transition into the Institutional Swing Strategy (Strategy C) if the market offers a discount near the $4,000 psychological floor.

Works cited

1. A Quantitative Analysis of the Effects of the Government Shutdown on the Economy Under Three Scenarios, as of October 29, 2025 | Congressional Budget Office, accessed on November 19, 2025, https://www.cbo.gov/publication/61823
2. Shutdown’s Market Impact: Why December Rate Cuts Just Collapsed From 92% to 67%, accessed on November 19, 2025, https://www.investing.com/analysis/shutdowns-market-impact-why-december-rate-cuts-just-collapsed-from-92-to-67-200670083
3. Gold – Price – Chart – Historical Data – News – Trading Economics, accessed on November 19, 2025, https://tradingeconomics.com/commodity/gold
4. Goldman Sachs revisits gold price forecast for 2026, accessed on November 19, 2025, https://www.thestreet.com/investing/goldman-sachs-revisits-gold-price-forecast-for-2026
5. Record shutdown leaves mark on the economy | EY – US, accessed on November 19, 2025, https://www.ey.com/en_us/insights/strategy/macroeconomics/record-shutdown-leaves-mark-on-the-economy
6. The Economy’s Data Blackout Is About To Get Worse – Investopedia, accessed on November 19, 2025, https://www.investopedia.com/the-economy-s-data-blackout-is-about-to-get-worse-11824001
7. Next Fed Meeting: When It Is In December And What To Expect – Investopedia, accessed on November 19, 2025, https://www.investopedia.com/next-fed-meeting-when-it-is-in-december-and-what-to-expect-11846121
8. Global gold prices rise on weak US data; Central bank buying — led by china, accessed on November 19, 2025, https://www.nationthailand.com/business/trading-investment/40058449
9. Government Shutdowns: Causes and Effects – Brookings Institution, accessed on November 19, 2025, https://www.brookings.edu/articles/what-is-a-government-shutdown-and-why-are-we-likely-to-have-another-one/
10. The unprecedented government shutdown will weigh on a US economy already under stress, accessed on November 19, 2025, https://apnews.com/article/economy-impact-shutdown-snap-flights-trump-e1e1caa9f0aad753bb53c4f2ee4561ca
11. Longest US shutdown ends, but the massive damage is here to stay | 5 points, accessed on November 19, 2025, https://www.indiatoday.in/world/us-news/story/us-government-shutdown-update-longest-federal-lapse-in-appropriation-ends-economic-damage-explained-5-points-2818808-2025-11-13
12. All eyes on the US Fed FOMC Meeting Minutes; Check date and time of release, accessed on November 19, 2025, https://www.financialexpress.com/business/investing-abroad-all-eyes-on-the-us-fed-fomc-meeting-minutes-check-date-and-time-of-release-4049305/
13. Why the Fed’s Next Interest Rate Move Is Becoming So Hard to Predict, accessed on November 19, 2025, https://www.investopedia.com/why-the-fed-s-next-interest-rate-move-is-becoming-so-hard-to-predict-11851839
14. Gold price prediction: Will gold prices continue to fall? Here’s the outlook for coming days, accessed on November 19, 2025, https://timesofindia.indiatimes.com/business/india-business/gold-price-prediction-today-where-are-gold-rates-headed-on-november-18-2025-and-in-the-near-term-mcx-gold-silver-prices/articleshow/125400331.cms
15. Federal Reserve Calendars, accessed on November 19, 2025, https://www.chicagofed.org/utilities/about-us/federal-reserve-calendars
16. Speech by Governor Miran on bank regulation and the Fed’s balance sheet, accessed on November 19, 2025, https://www.federalreserve.gov/newsevents/speech/miran20251119a.htm
17. Goldman Sachs Predicts Sustained Central Bank Gold Buying Trend, accessed on November 19, 2025, https://discoveryalert.com.au/central-bank-gold-accumulation-2025-strategies-trends/
18. China gold market update: October’s unseasonable strength | Post by Ray Jia | Gold Focus blog, accessed on November 19, 2025, https://www.gold.org/goldhub/gold-focus/2025/11/china-gold-market-update-octobers-unseasonable-strength
19. Goldman Sachs sees continued central bank gold buying in November By Reuters, accessed on November 19, 2025, https://www.investing.com/news/economy-news/goldman-sachs-sees-continued-central-bank-gold-buying-in-november-4363312
20. Flows rise from Wall Street to the Bund, accessed on November 19, 2025, https://www.gold.org/goldhub/research/gold-etfs-holdings-and-flows/2025/11
21. Diversification over gold? Mutual fund investors picking multi-asset fund over gold ETFs, accessed on November 19, 2025, https://m.economictimes.com/mf/analysis/diversification-over-gold-mutual-fund-investors-picking-multi-asset-fund-over-gold-etfs/articleshow/125291205.cms
22. Commodities Flying blind as US shutdown halts COT reporting – Saxo, accessed on November 19, 2025, https://www.home.saxo/content/articles/commodities/commodities-flying-blind-as-us-shutdown-halts-cot-reporting-20102025
23. Gold Price Forecast: XAU/USD is looking for direction right below …, accessed on November 19, 2025, https://www.fxstreet.com/news/gold-price-forecast-xau-usd-is-looking-for-direction-right-below-4-100-202511171055
24. Gold price today steadies above $4100: Is gold price about to retest its 2025 high at $4382? Here’s the long-term gold price forecast – The Economic Times, accessed on November 19, 2025, https://m.economictimes.com/news/international/us/gold-price-today-steadies-above-4100-is-gold-price-about-to-retest-its-2025-high-at-4382-heres-the-long-term-gold-price-forecast/articleshow/125272201.cms
25. Gold Spot / U.S. Dollar Trade Ideas — OANDA:XAUUSD – TradingView, accessed on November 19, 2025, https://www.tradingview.com/symbols/XAUUSD/ideas/?sort=recent
26. Gold Price Forecast: XAU/USD rallies beyond $4100 on risk-off trading | FXStreet, accessed on November 19, 2025, https://www.fxstreet.com/news/gold-price-forecast-xau-usd-rallies-beyond-4-100-on-risk-off-trading-202511191155
27. Gold Price Slips as Traders Await Fed Signals and Key Jobs Data | Investing.com, accessed on November 19, 2025, https://www.investing.com/analysis/gold-price-slips-as-traders-await-fed-signals-and-key-jobs-data-200670426
28. Gold Price Steady Near $4,100, Eyes on FOMC, NFP – Forex Crunch, accessed on November 19, 2025, https://www.forexcrunch.com/blog/2025/11/19/gold-price-steady-near-4100-eyes-on-fomc-nfp/