Gold Technical Analysis – The $2000 Ceiling Holds

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

Gold Technical Analysis – The $2000 Ceiling Holds

Gold Technical Analysis - The $2000 Ceiling Holds
Gold Technical Analysis – The $2000 Ceiling Holds – Daily Chart

If the bears manage to keep gold’s price below the $2,006 mark, it seems plausible that it 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 exceeded the $2,006 resistance level.

Latest Posts

Bitcoin Analysis: Technical, Fundamental & News

Discover the latest Bitcoin analysis with our expert insights....

GBPUSD Analysis: Technical, Fundamental & News

Discover the latest GBPUSD analysis with our expert insights....

EURUSD Analysis: Technical, Fundamental & News

Discover the latest EURUSD analysis with our expert insights....

EURUSD began consolidating from 1.017: rose 0.85%

EURUSD began consolidating from 1.017 and rose 0.85%, trading...

Litecoin Gained 7.1%: What’s the Next Target?

Litecoin gained 7.1%, marching slowly toward $100.0. The uptrend...

Gold Exceeded $2665: Now Overbought!

Gold exceeded $2665 resistance. However, robust buying pressure made...

Bullish Symmetrical Triangle Signals NATGAS Breakout

NATGAS trades sideways in a low-momentum market inside the...

Crude Oil Holds at $72.8 After Initial Price Dip

Crude Oil price dipped from $75.24, testing the %50.0...

Gold Stays Below $2665 Ahead of US Economic Data

On Monday, the price of gold remained below $2,665...

US Gasoline Futures Hit $2.07 Amid Oil Surge Amid Oil Surge

Gasoline futures in the US have climbed past $2.03...

NATGAS Dips 14% Amid Low Storage Draws

Natural gas prices in the U.S. fell sharply by...

WTI Crude Slips From $74 as Dollar Strengthens

Crude oil prices for West Texas Intermediate (WTI) dipped...

NATGAS is Hit $4 As the Year Ends

NATGAS hit $4.0, trading in a robust uptrend. The...