Gold (XAUUSD) Faces a Bearish Threat

Market Analysis – November 11

Gold (XAUUSD) faces a bearish threat. After a week of showcasing buyer intensity, sellers have successfully neutralized the bullish momentum. The bulls, who pressed the price higher to the 2011.760 level, are now forced out.

The September rally gave way to strong bearish sentiment, reaching down to the 1810.130 price zone. Although buyers started showing determination in early October, the unfolding of November brought renewed bearish strength, pushing buyers aside.

Gold (XAUUSD) Key Zones

Resistance Zones: 2011.760, 2063.930
Support Zones: 1912.950, 1870.880

Gold (XAUUSD) Long-Term Trend: Bearish

Sell traders have achieved a breakthrough below the 1972.130 significant level, and their momentum is increasing, as indicated on the daily chart. Sellers are poised to drive the price down further to the 1912.950 significant level. The daily timeframe signals a potential bearish crossover with the Moving Average crossing indicator. As we speak, the signal line for days 9 and 21 is nearing a bearish crossover.

The overall sentiment in the gold market is currently bearish, with buyers already forced out. Also, observation of the RSI (Relative Strength Index) shows signal strength plunging lower.

Gold (XAUUSD) Short-Term Trend: Bearish

The sellers are maintaining their pressure, and the short-term outlook for gold continues to be bearish. Although buyers are visible, the price is likely to trade down to the 1912.950 significant level. Traders should be on the lookout for indicators like the RSI and Moving Average crossing. Buyers are not relenting, but sellers pose a threat this week.

 

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