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XAU/USD (GOLD): Technical Analysis | November 20, 2020




XAU/USD (GOLD): Technical Analysis | November 20, 2020

  • Update Time : Friday, November 20, 2020
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XAU/USD (GOLD): Technical Analysis | November 20, 2020
XAU/USD (GOLD): Technical Analysis | November 20, 2020

MarketDeal24.Com – Gold fell for four consecutive days against the US dollar on Thursday, although ended the day slightly above Quasimodo support $1,852.

This price increase can attract buyers for two reasons. Firstly, the recent correction of Gold will initially keep the uptrend intact, secondly, the weekly price is above the channel resistance (currently support) taken from the maximum of $1,703.

The daily price is currently above support $1,841. The downward wedge pattern $2,075/$ 1,862 on the daily chart will be in focus .

Important Things To Consider:

Although the four-hour Quasimodo support of $1,852 recently gave buyers the opportunity to raise prices, there is a possibility of a fakeout from the weekly channel support.

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