Gold Weekly Price Analysis – November 21
When the bulls gain more momentum to break up the dynamic resistance level, the price will test the $1,901 level. The bullish pressure may increase and push the price to penetrate the mentioned level, $1,935, and $1,976 will be tested. The breakdown of the $1,850 will decrease the price to $1,811 and $1,789 levels.
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 bears are in control of the Gold market; this may be due to the strong strength of the dollar. After the sudden fall of gold price on November 09, the bulls have not gained enough momentum to push up the price. An attempt made by the buyers to push up the price on November 13 fails at the dynamic resistance levels. Last week, the sellers prevailed over the bulls and the price retested the $1,850 support level.
The gold price has tested the support level of $1,850 two times this month, and it is trading below the two EMAs as an indication that the bears are prevailing. When the bulls gain more momentum to break up the dynamic resistance level, the price will test the $1,901 level. The bullish pressure may increase and push the price to penetrate the mentioned level, $1,935, and $1,976 will be tested. The breakdown of the $1,850 will decrease the price to $1,811 and $1,789 levels.
XAUUSD Medium-term Trend: Bullish
The bearish momentum is becoming weak as the price is approaching the support level of $1,850. In other words, the bulls may take over the Gold market soon. The price has tested the support level three times and unable to break down the level.
The 9 periods EMA is trying to cross the 21 periods EMA upside and the price is trading slightly above the two EMAs as an indication for bullish movement. The relative strength index pointing up above 50 levels indicate a buy signal. Traders can place Buy Stop at $1,880.86, Stop Loss at $1,845.31, and Take profit at $1,930.16.
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