On Friday (November 15th) during the Asian session, spot gold fluctuated and weakened, continuing the downward trend of previous trading days. It is currently trading around $2559.03 per ounce. Although gold prices received buy on dips near the 100 day moving average and other support levels during Thursday's European and American session, and briefly rebounded to around $2577.33 per ounce, the hawkish remarks of the Federal Reserve Chairman suppressed expectations of a rate cut by the Fed in December, providing support for the US dollar and putting pressure on gold prices again. If the gold price wants to regain its upward trend, it still needs more bullish fundamental news to drive it.

Driven by the rise in US bond yields and Trump's victory, the US dollar continued to rise this week. The strengthening of the US dollar makes gold and silver more expensive for holders of other currencies.

The upcoming Trump administration's increase in trade tariffs and tightening of immigration policies are expected to fuel inflation and may slow down the Federal Reserve's easing cycle in the long run. The expectation of increased deficit spending has also raised US Treasury yields, providing more support for the US dollar.

Federal Reserve Chairman Powell stated on Thursday that sustained economic growth, a stable job market, and a target inflation rate still above 2% mean that the Fed does not need to hastily cut interest rates and can think twice before taking action.

According to data released by the United States, producer prices rebounded in October, indicating once again that progress in reducing inflation is stagnating. Meanwhile, the decrease in initial jobless claims last week indicates that the labor market remains stable, and the sudden slowdown in employment growth in October is just an abnormal phenomenon.

According to the CME FedWatch tool, the pricing for a 25 basis point rate cut at the Federal Reserve's December meeting has also dropped from 82.5% a day ago to 58%.

Carol Kong, currency strategist at the Commonwealth Bank of Australia (CBA), said, "The market accepted Powell's remarks and therefore reduced its expectations for the pace of FOMC interest rate cuts. We still believe that a 25 basis point rate cut may be possible in December. I think this is a reasonable expectation, but I believe Powell's remarks only emphasized the resilience of the US economy. The market will focus on the prospects of President Trump's policy agenda, so in the short term, we may see further appreciation of the US dollar

The market will also pay attention to the US retail sales data to be released at 21:30. In addition, the US October industrial output monthly rate will be released at 22:00, and investors also need to pay attention.

At the daily level, MACD continues to cross the zero axis, and the Bollinger Bands open. Although the 100 day moving average and 50% retracement level barely provide support, there has not been a clear bottoming signal yet. Before closing at the 5-day moving average of 2582.12, gold prices may once again explore the support near the 100 day moving average of 2545.26, 50% retracement level of 2538.57, and August 20th high of 2531.58. If it falls below the support line of 2530, the gold price may further decline towards the 2500 level.

If the gold price can close above the 5-day moving average of 2582.12, it will weaken the bearish signal in the future.

Daily chart of spot gold