Gold – XAU/USD Outlook
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Gold – Paused Bearish Momentum
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On Wednesday, Gold rallied to $1,478 – its highest degree in two weeks. Nevertheless, the value closed that day with a Doji sample highlighting market’s indecision.
This week, the Relative Power Index (RSI) remained flat beneath 50, reflecting weaker sellers in a bearish market.
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Gold DAILY PRICE CHART (Mar eight, 2018 – Nov 22, 2019) Zoomed out
Gold DAILY PRICE CHART (15 JUly – Nov 22, 2019) Zoomed In
Trying on the each day chart, we discover on Monday XAU/USD examined buying and selling outdoors of upward channel originated type late June mentioned in our final replace. Nevertheless, sellers pulled again inflicting a rally in the direction of the channel’s vary.
As we speak, the value strikes within the buying and selling zone entered in Nov four ($1,440- $1,510) eying a take a look at of the low finish of it. Thus, a detailed beneath the low finish might entice extra sellers to affix the market to press in the direction of 200-Day common then $1,400 deal with. But, the weekly help ranges underlined on the chart ought to be thought-about.
However, a failure in closing beneath the low finish of the zone might sign weak spot of sellers and should reverse Gold’s route in the direction of the excessive finish. That stated, the resistance ranges at $1,474 and 1,498 ought to be monitored.
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Gold 4-HOUR PRICE CHART (Oct 22 – Nov 22, 2019)
From the four-hour chart, we discover On Wednesday patrons tried lead Gold. Nevertheless, the valuable steel declined then settled beneath $1,474. Yesterday, they repeated their try though, didn’t preserve the value above the downtrend line originated from Nov 1 excessive.
Therefore, patrons might have a break above $1,487 to push XAU/USD in the direction of $1,498. In that state of affairs, some might exit the market on the each day resistance degree underscored on the chart. In flip, a break beneath the Nov 18 low at $1,456 might embolden sellers to press Gold in the direction of $1,440. Though, a detailed consideration ought to be paid to the Nov 12 low marked on the chart.
See the chart to know extra about key ranges Gold would encounter in an extra bullish/bearish state of affairs.
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Written By: Mahmoud Alkudsi
Please be at liberty to contact me on Twitter: @Malkudsi