Gold Weekly Price Analysis – November 24
Further increase in the bears’ momentum may push down the price to reach the support level of $1,435 and may break its downside. In case the support level of $1,435 holds, the price may bounce towards the north side.
Resistance levels: $1,478, $1,539, $1,601
Support levels: $1,435, $1,389, $1,353
XAUUSD Long-term Trend: Ranging
Gold is on the ranging mode on the long-term outlook. The metal was bearish last 2 weeks with the formation of the descending channel. The price closed below the resistance level of $1,478. Last week, it broke out of the channel and moved up to retest the broken level of $1,478. The price movement was without direction; that is it was consolidating around the $1,478 price level. The pressure of the Bulls and the Bears were not strong enough to make the price rally.
Gold price maintains its trading position below the 21 periods EMA and the 50 periods EMA and the price is moving slowly away from the two EMAs which indicates that the bears are gaining more strength in the Gold market. Further increase in the bears’ momentum may push down the price to reach the support level of $1,435 and may break its downside. In case the support level of $1,435 holds, the price may bounce towards the north side. Meanwhile, the stochastic oscillator period 14 is at 30 levels and the signal lines pointing down which connotes sell signal.
XAUUSD Medium-term Trend: Ranging
On the medium time frame, Gold is consolidating. Gold price formed a descending channel a few weeks ago and the price touched the lower trend line of the channel. The Bears lost momentum and the Bulls pushed up the price to the upper trend line in which it broke out at the upper trend line. Following the breakout, the Bulls’ momentum became weak and the Bears’ pressure was low, then, price consolidation began.
The price is trading below the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 30 levels with the signal lines pointing down to indicate a sell signal.
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