Gold Weekly Price Analysis – November 20
Gold price may reverse to downtrend movement provided the support level of $1,831 is broken downside, price may decline to $1,796 and $1,750 levels. In case the bulls defend the support level of $1,831, the price may break up $1,873 level and increase to $1,908 and $1,959 levels.
XAUUSD Market
Key levels:
Resistance levels: $1,873, $1,908, $1,959
Support levels: $1,831, $1,796, $1,750
XAUUSD Long-term Trend: Bullish
Gold is bullish on the long-term outlook. The bullish momentum commenced on November 04 with the formation of bullish engulfing candle pattern. The price soars towards north side. The former resistance levels of $1,796 and $1,831 turns to support level. The price reached the high of $1,873 on November 10. Since then, the price has been trading within $1,873 and $1,831 levels.
Gold is trading between the two EMAs which indicate that the bulls’ momentum is decreasing before the closing of Gold weekly market. The 9 periods EMA remains above the 21 periods EMA. Gold price may reverse to downtrend movement provided the support level of $1,831 is broken downside, price may decline to $1,796 and $1,750 levels. In case the bulls defend the support level of $1,831, the price may break up $1,873 level and increase to $1,908 and $1,959 levels.
XAUUSD Medium-term Trend: Bearish
Gold is on the bearish movement on the 4-hour chart. The bulls pushed the white metal to test the resistance level of $1,873 on November 16. A chart pattern like Head and Shoulder appear at the just mentioned resistance level. The resistance level holds and the price is reversing. The price is declining towards the support level of $1,831.
The price is trading below the 9 periods EMA and 21 periods EMA as an indication of bearish market. The Relative Strength Index period 14 is below 40 levels with the signal line pointing down to indicate sell signal.
