We publish gold prices today, Tuesday, November 19, 2024 in Egypt, according to the latest developments in the yellow metal markets at the local and global levels.
The latest update for gold prices today in Egypt was as follows:
The price of a gram of 24 karat gold is about 4137 pounds.
The price of a gram of 22 carat gold is about 3792 pounds.
The price of a gram of 21 carat gold is about 3,620 pounds.
The price of a gram of 18 karat gold is about 3,102 pounds.
The price of a gram of 14 karat gold is about 2413 pounds.
The price of a gram of 12 karat gold is about 2068 pounds.
The price of a gram of 9 karat gold is about 1,551 pounds.
The price of the gold pound is 28,960 pounds.
Gold continues to recover in trading today, Tuesday, reversing half of the decline recorded last week. The focus remains on upcoming speeches by US Federal Reserve policymakers and geopolitical tensions between Russia and Ukraine.
The price of gold remains stable for the second day in a row so far, drawing support from the recent decline in US Treasury yields across the curve, which fuels the corrective downward trend of the US dollar against its major rival currencies.
US bond yields have entered a corrective mode as investors remain wary of the impact of potential fiscal and trade policies introduced by US President-elect Donald Trump on the economic and inflationary outlook.
Additionally, the gold price is benefiting from renewed geopolitical escalation between Russia and Ukraine after US President Joe Biden allowed Ukraine to use US Army Tactical Missile Systems (ATACMS) to strike inside Russia on Sunday. The decision to allow the use of long-range American weapons inside Russia came after Moscow deployed ground forces from North Korea to supplement its own forces.
Moreover, expectations of more stimulus measures coming from China bode well for the yellow metal. China is the largest consumer of gold in the world. The Securities Journal, a Chinese state media outlet, quoted analysts as saying that further cuts in the reserve requirement ratio would come this year.
Note that China is the world’s largest consumer of gold, and any support measures by local authorities to boost economic performance look positive for the precious metal. However, it remains to be seen whether the gold price will be able to hold on to the recovery momentum as traders turn cautious, awaiting further… Signals on Fed interest rate expectations from central bank talks scheduled for Tuesday.
Traders can also refrain from placing new bets on the yellow metal ahead of US artificial intelligence giant NVIDIA’s earnings report, which could significantly impact broader market sentiment and the value of the US dollar, ultimately affecting the US dollar-sensitive gold price.
Technically, the price of gold appears to be a “sell on the bounce” trade as long as the RSI remains below the 50 level. The index is currently trading near 45 and immediate resistance is at the $2,630 round figure, above which a strong barrier to the upside is in line with the moving average. The 50-day simplex is at $2,655.
Acceptance above the latter is crucial to sustain the recovery pattern from the 2-month lows at $2,537. The next strong resistance lies at $2,687, which is the 21-day SMA and failure to find a foothold above the 50-day SMA could result in… The daily closing basis has revived bearish sentiment, boosting sellers towards the $2,600 threshold and additional declines may threaten the price confluence support at $2,551, where the 2-month SMA coincides. 100 days with the lowest level recorded on September 18.
A sustained break below the recent level will trigger a new downtrend towards the $2,500 threshold, with the next downside target expected at the September 4 low of $2,472.
