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Market Analysis- November 27
Gold (XAUUSD) buyers strive for breakthroughs beyond the 2020.000 key level. Gold buyers are resilient in their quest for a breakthrough beyond the key zone of 2020.000. As of now, the struggle between buyers and sellers persists. Over the past few months, there has been a notable absence of bullish expansion up to the 2020.000 key level, even though the yellow metal faced challenges, with both buyers and sellers exerting their strength.
Gold (XAUUSD) Key Zones
Resistance Zones: 2011.750, 1965.200
Support Zones: 1811.640, 1907.820
Gold (XAUUSD) Long-Term Trend: Bullish
Since August, sellers have seemingly suppressed the metal to lower prices. Gold swiftly answered the bearish call as it pulled down to the 1811.640 significant zone.
The start of October witnessed a bullish upswing for XAUUSD prices, with buyers striving for gains in the subsequent weeks. Bullish momentum initiated at the 1811.640 significant level. However, around the beginning of November, buyers seemed to have reached their limit. This has resulted in a retreat to the 1940.000 significant level.
Gold (XAUUSD) Short-Term: Bullish
The bulls have been on recovery since then, aiming to return stronger. Currently, buy momentum is building up to overcome the 2011.750 significant level. Gold is therefore making another attempt to surpass this key zone. The momentum indicator for the yellow metal is increasing its pace, signifying potential strength.
However, the bulls need a surge in buy traders to make a successful pull. This is because they are facing the current challenge of selling repulsion as they strive for a breakthrough. The challenge now lies in overcoming sell resistance, as buyers aim for a breakthrough beyond the 2020.000 key zone. The situation suggests a critical phase, requiring additional buy-trader support for a successful pull.
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