Gold (XAUUSD) Retests Broken Upward Trendline

Market Analysis – November 28

Gold experienced a bearish shift in November, breaking below a long-standing upward trendline. After the breakout, the price retraced to test this broken trendline, which now serves as resistance alongside the 2708 resistance zone.

Gold Key Levels

Demand Levels: 2531.0, 2431.0, 2305.0
Supply Levels: 2643.0, 2708.0, 2770.0

Gold Long-Term Trend: Bearish

Before the trendline’s breakdown, a failed bullish order block signaled a potential reversal. This decline led the price to the 2531.0 support level, prompting a significant bullish retracement.

The Hull Butterfly Indicator shows a steady weakening of bearish momentum during the retracement. Currently, it highlights a notable reduction in bearish strength.

During this month’s retest of the broken trendline, the price encountered resistance. Despite this, the MACD points to fading bearish momentum and hints at the potential start of a bullish phase.

Gold Short-Term Trend: Bearish

A clear breakout above the 2708.0 resistance level would confirm a bullish resurgence. Buyers are making active attempts to regain control, signaling a possible recovery in the uptrend. Traders watching forex signals are also closely monitoring gold’s next move for further insights.

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