Market Overview

Gold eases and sterling firms after soft euro PMIs with Lagarde in focus 

ADFX Team

XAUUSD 
XAUUSD traded a 78.5 range (1.93% of the open) and settled at 4065.38, down 10.03 (-0.246%) from the 4075.41 open. The session carved out a low at 4022.55 at 10:03 before advancing to a high of 4101.05 at 19:00, a brief move above the 4100 handle, and then eased back into the close. The finish sat just above the intraday midpoint at 4061.8, leaving the market in the upper half of the day’s range. Price traversed round-number areas around 4050 and 4100; the 4000 figure was not reached, with the low holding above the flagged 5‑day low at 3998.08. On the higher-timeframe backdrop, price ended above the D1 Bollinger midline at 4040.35, and the D1 MACD signal printed 35.09. Structurally, the session progressed from an early downswing off the open to a steady recovery into the evening peak, followed by a modest pullback into the close. The 19:00 high marked the sole print above 4100, while closing trade clustered around 4060–4070. By the end, XAUUSD was positioned nearer the middle of the distribution, about 42.8 points above the low and 35.7 below the high, indicating a settlement close to the session midpoint rather than at an extreme. No tick volume data were provided. 

GBPUSD 
GBPUSD ended the 21 Nov session at 1.31, up 0.22% from the 1.31 open. Trading unfolded within a 0.54% span relative to the open, with the low posted at 14:22 around 1.30 and the high set at 21:51 around 1.31. By the close at 23:56, price was near the upper edge of the intraday range, with the final print sitting just under the late peak. The session high came in at 1.31 and the low at 1.30, defining a span of 0.54% versus the open, which equated to 88.2% of the current D1 ATR. Intraday, the 1.31 figure featured as price oscillated around it into late trade, while the afternoon dip toward 1.30 marked the day’s floor before the late-session push to the highs. On the higher timeframes, spot remained below the D1 21‑EMA at 1.32, while finishing above the H4 21‑EMA at 1.31. That left the close positioned above the H4 trend proxy yet beneath the D1 reference, with the session’s top arriving late in the day and the low established mid‑afternoon. No exceptional extension beyond round-number landmarks was observed, and the closing level was nearer to the high than the low. Overall, the day concluded with GBPUSD registering a positive daily change and a range below its average daily movement. 

European PMIs set the tone, with the euro area S&P Global services PMI easing to 52.7 from 54.6, just under the 52.8 forecast, while manufacturing slipped to 48.4 from 49.6 versus a 49.5 forecast, keeping factory activity in contraction; in the UK, the S&P Global/CIPS manufacturing PMI edged up to 50.2 from 49.7, matching expectations and returning to marginal expansion. Looking ahead, the next 24 hours are light on data, with attention on remarks by ECB President Lagarde at 10:00 server time and again at 13:00. With no fresh releases scheduled, markets are likely to parse any color on the inflation outlook, growth resilience, and the policy reaction function. Economics 101: if guidance stresses persistent inflation pressures, expectations for near-term easing may recede and yields could drift higher. Headline sensitivity around these appearances suggests a modest risk of intraday volatility in EUR rates and FX. 

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