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XAU/USD (GOLD): Technical Analysis | 3rd November, 2020

XAU/USD (GOLD): Technical Analysis | 3rd November, 2020

  • Update Time : Tuesday, November 3, 2020
  • 73 Time View
XAU/USD (GOLD): Technical Analysis | November 25, 2020
XAU/USD (GOLD): Technical Analysis | November 25, 2020

MarketDeal24.Com – GOLD rose 1% against the US dollar on Monday and closed at a session high.

Technically this price increase was nothing short of surprising, as the weekly price has recently connected with support 1,882. In addition, the channel resistance (currently support) from the maximum of $1,703 is helping to increase the price. If prices continue to rise this way, many investors will target an all-time high of $2,075.

A daily pattern between $2,015 and $1,862 has been created in the daily time frame, indicating that the price is rising. We need to keep an eye on the support levels mentioned above this week. The trend of XAU/USD pair has been on the upside since 2016.

The four-hour price rose to lower boundary of resistance $1,897- $1,892 on Monday. Price will target Quasimodo support $1,869 if it responds below this level, while traders will look at Quasimodo resistance $1,908 if the price rises.

Important Things To Consider:

  • In the short term, sellers can enter the four-hour resistance between $1,897- $1,892 and the four-hour price can target Quasimodo support $1,869.
  • Weekly support in the long term could fetch a price increase from $1,882 or channel support.

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