November 10,2023 Asia session
Synopsis: In today's analysis of XAU/USD (GOLD), we observe key support levels at 1944-1945, reaffirming its significance from our previous update. The market dynamics suggest a cautious approach, with a selling entry below 1944 and a buying entry above 1951. Recent bullish momentum breached 1951, reaching 1965. The question arises: Will GOLD continue its rally, or are we entering a phase of lower highs within a bearish channel?
Observations:
Support Levels: Five candles on early charts show robust support at 1944-1945.
Base Formation: The strong base formation at 1945-1944 indicates potential upward movement.
Current Situation: GOLD is in a phase of lower highs and lower lows, possibly trading within a specific range.
Indicators:
Early Charts:
MACD and RSI: Rising MACD, flat RSI, suggesting a potential upward move.
Decision Point: Wait for confirmation above 1965 for a bullish stance.
2-Hour Charts:
Trend Confirmation: Break past 1965 needed for a buying position.
Selling Opportunity: Consider selling at 1955, watching for consolidation or breakout.
3-Hour Charts:
Bearish Signs: MACD crossing at the bottom, retracement towards 20-period.
Resistance: Anticipate strong resistance around 1968-1970.
4-Hour Charts: Swing Zone: Current state shows swings, with caution advised below 1955-1954.
Sell Entry: Below 1955-1954, target 1948-1950, and potentially 1944-1945.
Daily Outlook:
Lower Highs/Lows: Daily charts display a pattern of lower highs and lows.
Critical Levels: Wait for a break past 1965 and 1970 for a potential reversal.
Retracement Possibility: Caution advised as a retracement might not signify a bullish trend.
Conclusion: Exercise caution in trading GOLD as it navigates critical levels. A break above 1965 could indicate a reversal, while a failure to breach 1970 suggests a continued bearish sentiment. Consider selling below 1955-1954, with support levels at 1948-1950 and 1944-1945. Use stop-loss and trailing stop-loss strategies for risk management.
Disclaimer: Trading involves risks, and the provided analysis is for informational purposes only. It is crucial to conduct independent research and seek professional advice. The author and platform are not responsible for any financial decisions made based on this information.
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