Gold (XAUUSD) Price May Continue a Bullish Trend After Pullback – Cryptovibes.com – Daily Cryptocurrency and FX News

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Gold Weekly Price Analysis – November 06

When the Bulls’ pressure increase further and breaks up the resistance level of $1,786, the price will be targeting the resistance level of $1,805 and $1,833 levels. Should the resistance level at $1,786 hold the price, the yellow metal may drop towards the support levels at $1,761, $1,723, and $1,681.

 

XAUUSD Market

Key levels:

Resistance levels: $1,786, $1,805, $1,833

Support levels: $1,761, $1,723, $1,681

XAUUSD Long-term Trend: Bullish

Gold is bullish in the long-term outlook. Last two weeks, the precious metal commences a bullish movement at $1,681 level. The bulls prevailed over the bears; that means there were more buyers in the market and the price incline to test the $1,786 price level. Early last week market was bearish, the price pulled back and tested $1,750 level. Toward the closing of last week, market pulled back, and retested the support level of $1,761.

The price is trading above 9 periods EMA and 21 periods EMA as an indication of a bullish trend. When the Bulls’ pressure increase further and breaks up the resistance level of $1,786, the price will be targeting the resistance level of $1,805 and $1,833 levels. Should the resistance level at $1,786 hold the price, the yellow metal may drop towards the support levels at $1,761, $1,723, and $1,681.

 XAUUSD Medium-term Trend: Bullish

On the daily chart, Gold metal is bullish.  The bearish momentum pushed down the price to found support at $1,681.The price bounces and the bulls take over the market. The former resistance level of $1,722 was broken upside and also could not hold the price. The precious metal reached the resistance level of $1,786 before the weekly market close.

The relative strength index period 14 is at 51 levels with the signal lines pointing down to indicate a sell signal which may be a pullback.



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