Gold Weekly Price Analysis – November 30
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
On the long-term outlook, Gold is on the ranging mode. There was no further increase in the Bears’ momentum, no further decrease in the Gold price and the support level of $1,435 could not be reached. The Bulls tried to push up the Gold price but the pressure was weak and the resistance level of $1,478 could not be attained. The weakness of momentum in both Bears and Bulls makes the price consolidation to continue in the Gold market. The weekly market closed with a strong bullish candle and the price action is forming a “W” pattern.
The price moved up closer to the two EMA, but the price maintains its trading position below the 21 periods EMA and the 50 periods EMA which indicates that the bulls’ momentum is increasing gradually. An increase in the Bulls’ momentum may push up the price to break up the resistance level of $1478 and may target $1539 which will complete the formation of the “W” pattern. In case the resistance level of $1478 is defended by the Bears, the price may continue to consolidate. The stochastic oscillator period 14 is at 30 levels and the signal lines pointing up which connotes buy signal.
XAUUSD Medium-term Trend: Bullish
Gold is bullish on the medium time frame. The gold price was ranging below the dynamic support and resistance level of 21 and 50 periods EMA last week. Yesterday, towards the closing hour of the market, the Bulls gained strong momentum and a strong bullish candle emerged on the 4-hour chart which penetrated the two EMA upside and the market closed above the EMAs.
The price is trading above the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing up to indicate a buy signal.
Please note: Cryptovibes.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.