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XAUUSD 4hour Analysis November 20th, 2022

FX_IDC:XAUUSD   Gold Spot / U.S. Dollar
Gold Neutral idea

Weekly Trend: Bullish
Daily Trend: Bullish
4Hour Trend: Bullish

Trade scenario 1: We are very clearly bullish on gold now but we have rallied pretty high and are due for a retracement.

As price action sits now, we are right near our 1800.00 major zone. It all comes down to this level, break or bounce.

Ideally, price action reverses here and commits to a retracement. If this happens we will look for price action to fall to 1675.00 and then form a higher low we can enter long on.

Trade scenario 2: There could be a decent short opportunity here on this retracement but we first will have to identify a lower timeframe bearish trend.

Look to enter on lower highs after a confirmed reversal from our 1800 area.

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