Market Analysis – November 18
Gold (XAUUSD) buyers need to reaffirm their grip. The price has been fluctuating between buyers and sellers recently.
Buyers started with strong momentum, but they lost some of their confidence along the way. Sellers took advantage of this and pushed the price down from the 2011.760 key zone. This zone is an important level where the price tends to change direction. Since then, buyers have been struggling to recover and break above the 1973.130 significant level. This level is another important point where the price faces resistance or support.
Gold (XAUUSD) Key Zones
Resistance Zones: 2011.760, 1972.130
Support Zones: 1867.200, 1909.140
Gold (XAUUSD) Long-Term Trend: Bullish
If buyers can cross above this level, it will show that they are in control again. However, if they fail to do so, sellers will have the upper hand. The Parabolic SAR (Stop and Reverse) shows the direction of the trend has changed. The buyers are not in favor on the daily chart. This means that the trend has shifted from bullish to bearish.
Gold (XAUUSD) Short-Term Trend: Bullish
The Stochastic Oscillator and the RSI (Relative Strength Index) are both on the buy side. This means that there is still some buying pressure in the market. Buyers need to be more focused and determined to overcome the selling pressure and make a breakthrough this week. Otherwise, they may lose their chance to dominate the market. With a strong resolve, gold is sure to bounce back to a strong bullish market.
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