Nov. 16 – Choppy Trading In Gold – A Quick Technical Review

What’s up fellas. A day before, Gold traded exactly in line with our forecast. The investors were advised to stay bullish above $1,277 with a target somewhere around $1,285. For now, the technical side is also lining up for a potential trade setup.

Gold // XAUUSD- Technical View

There are loads of technical indicators that are suggesting a blend of the bullish and bearish trend, certainly confusing the traders. No worries, we can still take advantage of thin trading volume in Gold. Let's take a look.

Gold – 4 Hour Chart – Trading Ranges

– On the 4 Hour chart, we can see a huge bearish candle engulfing the previous bullish candle, demonstrating the selling sentiment of traders. But right after it, the Gold has formed a "Spinning Top" which is followed by a bearish engulfing candle. It means, the bearish trend of Gold is lacking momentum. No surprises, this happens when the market is lacking trend.

– Stochastic and RSI are coming out of the overbought zone. Which signifies that entering a sell position will give some profits today.

– Gold is facing an immediate support of $1,277 and $1,271. Whereas, the resistance prevails at $1,283 and $1,289.

Gold //XAUUSD – Trading Plan

Today $1,281 is a very crucial trading levels as below this, the Gold has higher odds to stay in sell with an initial target of $1,277 and $1,272.  Good luck and trade with care fellows!

ABOUT THE AUTHOR See More

Arslan Butt

Index & Commodity Analyst

Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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