Senior Trader Daily Update 29 November 2017

Good morning everyone.
 
Precious metals markets saw sideways, choppy, rangebound price action on Tuesday in spite of:
 
US equities continuing to scale record highs, fuelled by progress in the US Senate to advance the Republican tax bill.
Late reports of North Korea launching a missile 4.5 kms into the air which eventually fell into the Sea of Japan and which was claimed by the Pentagon to have been an ICBM.
The cancellation of a scheduled meeting between US President Trump and senior Democrat leaders (to discuss averting a potential December 8th ‘shutdown’ of the US government) as a result of President Trump Tweeting “Meeting with “Chuck and Nancy” today about keeping government open and working. Problem is they want illegal immigrants flooding into our Country unchecked, are weak on Crime and want to substantially RAISE Taxes. I don’t see a deal!”.
 
The cryptocurrency space keeping the herd transfixed with Bitcoin’s ascent to record highs just shy of USD 10,000 remaining unchallenged.
 
 
XAU/USD was held in check by psychological ‘big figure’ resistance at USD 1300.00/oz and remains settled within a well-defined, sideways trading band between USD 1265 – 1295/1300 (which commenced around mid-October). Manna from Heaven for the scalpers and range-traders.
 
Meanwhile, XAU/AUD grinds its way higher within the triangular congestion region bounded by resistance at the June 6th high at AUD 1728 and  major trendline support at AUD 1657.50. Dips back towards the 21 Day moving average at AUD 1682.00 are likely to be well supported.
 
Good luck.
 
Regards,
Andre