CFDs on Gold (US$ / OZ)
Short
Updated

"XAUUSD"

133
Gold quickly reached the resistance targets it had on its upward path.
The shape of the candles formed shows that it no longer has the strength to reach higher targets within the remaining time,
so a pullback of gold toward 3900 seems more likely.


Please review the previous analyses.
Note
At the end of last week, there was a significant fluctuation for the ounce. However, the price reaching the 3900 level for the ounce happened in the final hours.
In any case, until November 19, there is time and an opportunity for the ounce to reach higher numbers.
However, the speed at which the ounce reached higher numbers was rapid, and there is a strong expectation for the beginning of a downward trend.
In any case, until November 19, we still have the opportunity for the ounce to see higher numbers. But what is being shown is that the strength of buyers is very low, and sellers are acting more strongly.
The start of next week will determine everything.
Note
The opportunity for gold (ounce) to reach higher levels has come to an end,
and we are getting close to the beginning of a downward trend.
We consider it likely that the 3900 support level may also be broken.
Note
The downward trend for gold (ounce) is expected to continue until November 25.
Trade closed: target reached
We have reached November 25, which was considered the end of the downward trend in gold ounces.
We expected gold to reach lower levels, but the sellers did not have enough strength.
In the next analysis, we will talk about the upward trend.

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