Gold jumps to 5-month highs despite rising yields & strong USD

Gold jumps to 5-month highs despite rising yields & strong USD
November has been a very bullish month for the bullion as it is up nearly every day, and it continues to climb against all odds as both the USD and US yields are screaming higher.
At the time of writing, gold pushed above 1,870 USD for the first time since June 2021, while silver managed to climb above 25 USD.

As already said, the USD remains strong. As a result, the dollar index has been trading at its highest since the summer of 2020, pushing the EURUSD pair below 1.14. As long as the euro trades below 1.1520, the medium-term downtrend remains intact. 

During the Asian session, the virtual meeting between US President Joe Biden and his Chinese counterpart Xi Jinping proceeded relatively smoothly, albeit without any dramatically positive news.
They agreed that their countries must increase communication and cooperation, but making it happen is more complicated.

Later in the day, the US retail sales will be released, and market participants expect a modest improvement there. However, both the ex-auto and control group indicators are seen sliding, possibly undermining the US dollar.

Additionally, the US industrial production and capacity utilization numbers will be published. Lastly, several FOMC governors will speak today, likely causing volatility in the markets. 

US stocks seem to have stopped in their rally for now as rising USD, yields, and rate hike expectations caused some caution, considering the current overbought conditions in the stock market.
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