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Market Analysis – October 31
Gold (XAUUSD) holds back in crossing the 1991.540 key level. XAUUSD has witnessed a pause in its price surge. The market is currently in a state of relaxation, and the key level at 1991.540 is acting as a formidable barrier. This barrier is somehow preventing buyers from advancing further. Let’s delve into the technical aspects behind this price behavior.
Gold (XAUUSD) Key Zones
Resistance Zones: 2063.930, 1991.540
Support Zones: 1912.950, 1810.510
Gold (XAUUSD) Long-Term Trend: Bullish
Throughout October, buy traders exerted a strong influence on the price of gold. This was obvious, especially after it found solid support around the 1810.510 significant level. Since then, buyers have propelled the market upward, breaking through multiple resistance levels week after week. This bullish momentum was a significant driver for the rally in gold prices.
However, the daily trend momentum indicator has started to curve slightly, indicating a decline in the strength of the bullish trend. It’s essential to understand that this doesn’t necessarily mean buyers have completely lost their influence. It only suggests that buyers need to reinforce their position to overcome the critical 1991.540 level.
Additionally, the MACD (Moving Average Convergence and Divergence) indicator is still spreading out. This could imply that there is potential for the bullish momentum to pick up later on.
Gold (XAUUSD) Short-Term Trend: Bullish
When we look at the 4-hour chart, we see that buyers are currently facing resistance. They therefore require more impetus to break through the 1991.540 significant level. At the moment, their buying pressure is under attack as the momentum of buying is dwindling. To overcome this critical level, buyers will need to gather significant strength and momentum.
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