Gold Weekly Price Analysis – November 14
The ability to break up the confluence at $1,901 and the candle close above the level, will make the price to increase to $1,935, in which the $1,976 resistance level may be tested. The inability to break up the mentioned confluence point may lead to further price decrease to $1,811 and $1,789 in case the support level of $1,850 does not hold.
XAUUSD Market
Key levels:
Resistance levels: $1,901, $1,935, $1,976
Support levels: $1,850, $1,811, $1,789
XAUUSD Long-term Trend: Bearish
The sellers are ruling the Gold market since November 09. In other words, Gold is bearish on the long-term outlook. The big bearish candle that appeared on the daily chart a few days ago is a result of a sudden increase in the dollars’ strength. The price found support at $1,850 but unable to break down the level, it consolidates for three days.
Yesterday, the bulls’ momentum is gradually increasing towards the $1,901 price level. It was testing the dynamic resistance level before the market close. The ability to break up the confluence at $1,901 and the candle close above the level, will make the price to increase to $1,935, in which the $1,976 resistance level may be tested. The inability to break up the mentioned confluence point may lead to further price decrease to $1,811 and $1,789 in case the support level of $1,850 does not hold.
XAUUSD Medium-term Trend: Bullish
Gold is bullish in the daily chart. The bearish momentum pushes the pair to test the support level of $1,850 on November 09, it pulled back and test the dynamic resistance level which returns the price to the support level of $1,850 a second time. It means the price action has formed a double bottom at the same support level. A double bottom chart pattern is a bullish signal.
The 9 periods EMA has crossed 21 periods EMA upside and the price is trading above the two EMAs is an indication for bullish movement. The relative strength index pointing down above 50 levels indicate a pullback. Traders can place Buy Stop at $1,904, Stop Loss at $1,884, and Take profit at $1,932.
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