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Gold Technical Analysis – November-29-2023

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FxNews — In today’s XAUUSD technical analysis, we observe the gold price experienced a rebound from the $2,050 level. This return was expected, considering the overbought condition of the currency pair. Both the RSI indicator and the Stochastic oscillators are still in the overbought zone. Consequently, we anticipate a further correction in gold’s price towards the middle line of the bullish flag, followed by the 23.6% Fibonacci retracement level.

XAUUSD Technical Analysis - November-29-2023

XAUUSD Technical Analysis – 4H Chart

FxNews analysts recommend closely monitoring the key support area at $2,023. This price level presents an ideal entry point for retail traders looking to add fresh long positions to the XAUUSD pair.

  • 29 November 2023
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