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.
You can purchase Lucky Block – Guide, Tips & Insights | Learn 2 Trade here. Buy LBLOCK
Note: Learn2.trade 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.
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
