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Gold Technical Analysis – November-22-2023

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FxNews – In today’s gold technical analysis, we observe that the XAUUSD pair has reached its October high and tested this resistance mark on November 23. The pair is currently trading within a bullish flag pattern. However, in today’s session, a bearish long-wick candlestick pattern has emerged. Concurrently, the Awesome Oscillator indicates a divergence on the XAUUSD 4-hour chart.

Gold Technical Analysis - November-22-2023

XAUUSD Technical Analysis – Daily Chart

If the bears manage to keep gold’s price below the $2,006 mark, it seems plausible that the gold price might enter a correction phase towards the 23.6% Fibonacci retracement level.

There are three compelling reasons supporting this bearish scenario:

  1. The $2,006 level has been a strong resistance, holding firm for over a month.
  2. The emergence of a bearish long-wick candlestick pattern.
  3. Divergence signaled by the Awesome Oscillator.

However, this bearish outlook would be invalidated if the gold price crosses above the $2,006 resistance level.

  • 22 November 2023
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