We publish gold prices today, Wednesday, November 20, 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 4228 pounds.
The price of a gram of 22 carat gold is about 3,867 pounds.
The price of a gram of 21 carat gold is about 3,700 pounds.
The price of a gram of 18 karat gold is about 3,171 pounds.
The price of a gram of 14 karat gold is about 2466 pounds.
The price of a gram of 12 karat gold is about 2,114 pounds.
The price of a gram of 9 karat gold is about 1,585 pounds.
The price of the gold pound is 29,600 pounds.
Gold prices remain at the forefront today, Wednesday, looking to regain the $2,650 barrier as the road to recovery extends for the third day in a row. Traders are now awaiting upcoming speeches from policymakers at the US Federal Reserve and Nvidia’s earnings report amid ongoing geopolitical concerns between Russia and Ukraine.
The US dollar appeared to find new demand in Asian trading on Wednesday, tracking a rise in US Treasury yields as broader market sentiment improved on hopes of Chinese stimulus.
Markets were earlier cautious following the People’s Bank of China’s (PBOC) inaction on key loan interest rates (LPR). However, expectations that China will roll out more stimulus to support the economy are lifting the market mood.
Moreover, concerns about further geopolitical escalation between Russia and Ukraine appear to be fading, raising risk appetite. However, gold buyers are refusing to give in just yet, anticipating a shift in risk sentiment if US AI giant Nvidia Inc’s earnings report disappoints. Hopes and sparked a wave of risk aversion in financial markets.
Developments surrounding Russia and Ukraine will also be closely watched, keeping demand at the traditional safe haven price of gold.
Besides, the Fed’s speech will help gauge the US central bank’s path forward on interest rates, as markets now estimate a 60% probability that the Fed will cut rates by 25 basis points in December.
The short-term technical outlook for gold price remains intact, as traders are likely to adopt a “sell on the bounce” strategy as the 14-day Relative Strength Index (RSI) remains below the 50 level. The index is currently trading near 47.
The impending bearish crossover adds credibility to the downside potential. The 21-day simple moving average (SMA) is looking to cross the 50-day SMA above. If this happens on a daily closing basis, it will prove a bearish crossover.
However, failure to find acceptance above the 50-day SMA at $2,660 on a daily closing basis may boost sellers towards the $2,600 threshold and the previous day’s low at $2,610 will be tested before that. On the other hand, we see immediate resistance at the average. The 50-day SMA, above which the 21-day SMA will enter at $2,682 and further recovery may face stiff resistance at the $2,700 threshold.
