Gold Reaches Overbought Region as It Faces Rejection at $1,786

Service for copy trading. Our Algo automatically opens and closes trades.

The L2T Algo provides highly profitable signals with minimal risk.

24/7 cryptocurrency trading. While you sleep, we trade.

10 minute setup with substantial advantages. The manual is provided with the purchase.

79% Success rate. Our outcomes will excite you.

Up to 70 trades per month. There are more than 5 pairs available.

Monthly subscriptions begin at £58.

L2T Algo

TELEGRAM

RESULTS

Key Resistance Levels: $1,900, $1,950, $2000
Key Support Levels: $1,750, $1, 700, $1,650

Gold (XAUUSD) Long-term Trend: Bullish
Gold crosses above the moving average lines as it faces rejection at $1,786. On November 4, XAUUSD surged to a high of $1,776 and then recovered above the $1,628 support. The market has become overbought as a result of the current surge. The resistance at $1,800 is in the range of the uptrend. On August 15, purchasers drove Gold to a high of $1,800 but were turned away. Currently, Gold is getting close to the next barrier at $1,800. The positive momentum will reach $1,850 if the bulls overcome the resistance at $1,800. In contrast, if the price is rejected at $1,800, selling pressure will pick up again.

Daily Chart Indicators Reading:
On the Relative Strength Index for period 14, Gold is at level 70. The market has reached the overbought region at level 70. Sellers will emerge in the overbought region to push prices downward. The current price will continue as long as the price bars are above the moving average lines. The moving average lines are sloping southward indicating the previous downtrend.

Gold (XAUUSD) Medium-term bias: Bullish
Gold is in an uptrend on the 4-hour chart after it retraced over the $1,700 level. As it struggles against the initial obstacle at level $1,783, the upward trend has resumed. A retraced candle body tested the 38.2% Fibonacci retracement line on the upswing of November 15.
According to the retracement, Gold will increase to level 2.618 of the Fibonacci extension, or $1,807.80.

1-hour Chart Indicators Reading
The daily stochastic’s level of 80 is above the price of XAUUSD. The market is overbought where Gold is now trading. The price bars are above the moving average lines which suggests that the price of Gold will continue to rise.

General Outlook for Gold (XAUUSD)
The market for Gold has moved to an overbought area as it faces rejection at $1,786. As the market enters the overbought zone, further price increases are unlikely.


You can purchase crypto coins here. Buy LBLOCK


Note: Learn2Trade.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.