Gold Weekly Price Analysis – November 17
After the price retracement, the bearish momentum may continue provided the resistance level of $1,478 holds. In case the just mentioned level does not hold, the price may resume bullish movement.
Resistance levels: $1,478, $1,539, $1,601
Support levels: $1,435, $1,389, $1,353
XAUUSD Long-term Trend: Bearish
Gold is bearish on the long-term outlook. The bearish momentum that broke down the support level of $1,478 was able to drop the price near the support level of $1,435 last week. As it was predicted, the price respects the support level by turns up to carry out a price retracement towards the broken level of $1,478. The level may be reached before the continuation of bearish momentum.
The metal has broken down the 21 periods EMA and the 50 periods EMA and the price is trading below the two EMAs which connote the bearish momentum in the Gold market. After the price retracement, the bearish momentum may continue provided the resistance level of $1,478 holds. In case the just mentioned level does not hold, the price may resume bullish movement. Nevertheless, the stochastic oscillator period 14 is above 20 levels and the signal lines pointing up which indicates buy signal.
XAUUSD Medium-term Trend: Bearish
On the medium time frame, Gold is bearish. The price action has formed a descending channel in which the breakout at the upper trend line may push up the price above the resistance level of $1,478. Likewise, the breakout at the lower trend line of the channel may decline the price to the support level of $1,435.
The price is trading in-between the two EMAs as a sign of consolidation. The Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing up to indicate a buy signal.
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