Gold:Short term analysis for 18/11/2024
Disclaimer:
This is my personal opinion and is intended for educational purposes only. Please consult your financial advisor before making any decisions.
Time Frame: 4-hour
Market Analysis:
Following on previous analysis, the XAUUSD pair has bounced off the key support level at 2,550.00-2,543. However, the 4-hour chart indicates persistent bearish momentum, with price action confined within a descending trend channel. The price has almost reached value area high. This may act as resistance.
Key Observations:
Key Levels:
Trading Bias:
Bearish, lack of bullish divergence and no impulsive momentum, If the price slips below the point of control, the bullish narrative would be compromised, potentially triggering a reversal, anticipate a potential breakdown below the support level, targeting first weekly point of control at 2,502.00 then lower OBV at 2,485.00 - 2,505.00.
https://www.tradingview.com/x/HvUzvVAF/
This is my personal opinion and is intended for educational purposes only. Please consult your financial advisor before making any decisions.
Time Frame: 4-hour
Market Analysis:
Following on previous analysis, the XAUUSD pair has bounced off the key support level at 2,550.00-2,543. However, the 4-hour chart indicates persistent bearish momentum, with price action confined within a descending trend channel. The price has almost reached value area high. This may act as resistance.
Key Observations:
- No bullish divergence detected on the 4-hour chart.
- Bearish divergence evident on the 30-minute chart.
Key Levels:
- Resistance : 2,606.00
- support : 2,536.00
- support(Poc): 2568.00
- lower target: 2485.00 - 2505.00
Trading Bias:
Bearish, lack of bullish divergence and no impulsive momentum, If the price slips below the point of control, the bullish narrative would be compromised, potentially triggering a reversal, anticipate a potential breakdown below the support level, targeting first weekly point of control at 2,502.00 then lower OBV at 2,485.00 - 2,505.00.
https://www.tradingview.com/x/HvUzvVAF/
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