Synopsis: In this analysis dated November 16, 2023, during the Asia session, we delve into the recent behavior of XAU/USD (Gold), focusing on key support and resistance levels. The article provides a detailed observation using daily, hourly, and 4-hour charts, incorporating essential indicators like stock indices, MACD, and RSI. The aim is to guide traders on potential entry and exit points, emphasizing the significance of 1965, 1970, and 1955 levels.
Observation: Gold reversed from resistance at 1975, dropping to support levels around 1955-1954. The analysis contemplates whether Gold has bottomed out or has further room for a downward move. The behavior analysis suggests that 1950-1954 is a crucial support zone, with a narrower channel indicating potential bullish or bearish trends.
Hourly Charts:
If prices stay above 1970, a bullish trend is possible.
A buying entry is considered above 1965, and a selling entry below 1955 is suggested for safer trading.
Indicators:
Stock indices rising, MACD showing signs of bearishness, and RSI flat.
A bullish scenario if prices breach 1965, with caution on the current indecisiveness.
3-Hour and 4-Hour Charts:
Resistance at 1964-1965, with a focus on 1968-1972 levels for potential bullishness.
1975 remains a strong resistance level, with indications of potential further rise.
Daily Chart:
Indecision indicated by a candle with a long upside wick.
Caution advised for a potential bearish move if prices stay below 1955.
Conclusion: For the day, a cautious buy recommendation is at 1965 levels, with a vigilant eye on resistance at 1970. A sell recommendation is at 1955, considering strong support at 1954-1950. The article emphasizes the importance of trading with stop loss and trailing stop loss.
Intraday Probability Summary - November 16, 2023
Market Sentiment: NEUTRAL
Technical Analysis:
Moving Averages: STRONG BUY (11) | SELL (1)
MA5: Buy | MA10: Buy | MA20: Sell | MA50: Buy | MA100: Buy | MA200: Buy
Technical Indicators: SELL (5) | Buy (2) | Neutral (4)
RSI(14): Buy | STOCH(9,6): Sell | STOCHRSI(14): Sell | MACD(12,26): Buy | ADX(14): Neutral
Williams %R: Neutral | CCI(14): Neutral | ATR(14): Less Volatility | Ultimate Oscillator: Sell | ROC: Sell | Bull/Bear Power(13): Sell
Pivot Points:
Classic: S3(1932.43) | S2(1943.95) | S1(1952.20) | Pivot Points(1963.72) | R1(1971.97) | R2(1983.49) | R3(1991.74)
Fibonacci: S3(1943.95) | S2(1951.50) | S1(1956.17) | Pivot Points(1963.72) | R1(1971.27) | R2(1975.94) | R3(1983.49)
Camarilla: S3(1955.02) | S2(1956.84) | S1(1958.65) | Pivot Points(1963.72) | R1(1962.27) | R2(1964.08) | R3(1965.90)
Woodie's: S3(1930.81) | S2(1943.14) | S1(1950.58) | Pivot Points(1962.91) | R1(1970.35) | R2(1982.68) | R3(1990.12)
DeMark's: S2(1948.08) | Pivot Points(1961.66) | R1(1967.85)
Conclusion:
Moving Averages: STRONG BUY
Technical Indicators: SELL
Pivot Points: Suggest potential support at various levels.
Probability Summary: SELL
Market Recommendation: While moving averages indicate a strong buy, technical indicators lean towards a sell. Traders are advised to exercise caution and consider the overall market sentiment.
Disclaimer: Trading involves risk, and the provided analysis is for informational purposes only. Readers are advised to make independent financial decisions and consider their risk tolerance.
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