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XAU/USD (GOLD): Technical Analysis | November 27, 2020
- Update Time : Friday, November 27, 2020
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XAU/USD (GOLD): Technical Analysis | November 27, 2020
MarketDeal24.Com – Thursday is another slow day for GOLD due to the Thanksgiving holiday.
The four-hour price is above the $1,800 level and the Quasimodo support $1,802 level. If four-hour buyers can’t hold the price at $1,800, there could be a potential fakeout at $1,800 in the daily timeframe and the price could go up to the 200-day SMA (orange – $1,797). If the price stays below $1,800, the weekly price may move towards support $1,787.
Important Things To Consider:
- Breaking $1,800 in a four-hour time frame will test the price in the daily time frame at the 200-day SMA, but in this case traders should keep an eye on $1,797.
- If the price stays below $1,800, the price may move towards weekly support $1,787.
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