Gold: crossing November lows?

Gold: crossing November lows?

2021-02-18 • Updated

Gold has been going down since August. From the high of 2 070, it eventually dropped to 1 765 in November. After, it rose to 1 955 – the second time since autumn - which created a suspicion that a bullish trend change may happen. Never happened. Just in several days, gold plunged to 1 845 and crossed the support of 1 800 – that’s what we’ve been observing recently.

Strategically, the support of 1 765 is an important indicator of the bearish power behind the current downtrend. If it gets crossed, we’ll have a solid confirmation that the market doesn’t find any serious reason to keep gold above 1 800. In this case, if 1 765 gets crossed, 1 700 may result to be a very possible target for bears in the coming weeks.

XAUUSDDaily.png

In the short-term, we are still waiting to confirm whether the large downtrend will continue or not. So far, 1 765 is still the secondary support; the primary is 1 775. Now, if the price bounces downwards from the local resistance of 1 800 where it’s aiming now, that may be the start of the downswing that would drag gold to cross the November lows of 1 865. Otherwise, If 1 800 gets crossed to the upside, there will be a higher likelihood to see a bullish takeover of the large panorama.

XAUUSDH4.png

                                                                                                    LOG IN

Similar

MSFT faces gloomy forecasts ahead of earnings report
MSFT faces gloomy forecasts ahead of earnings report

In a call scheduled for January 25, 00:30 am GMT+2, Microsoft will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.

TESLA Earnings Report Outcome Forecast
TESLA Earnings Report Outcome Forecast

In a call scheduled for January 25, 00:30 am GMT+2, the Tesla Inc. team will publish the company's earnings for the final quarter of 2022 and comment on the results, projections, and outlook for the nearest future of the company.

Trade ideas for March 28 - April 1
Trade ideas for March 28 - April 1

Last week marked the consolidation for the most active assets of March 1-15 (which is oil and gold). But next week has a lot to show, be ready to take part!

Latest news

Best Instruments to Trade This Week
Best Instruments to Trade This Week

This week, there are a few high-probability trade ideas I'd like to recommend to you. Trading these setups, be sure to implement a proper risk management approach.

European Currencies Ahead of the Banks' Statements
European Currencies Ahead of the Banks' Statements

On Thursday, the 2nd of February, the Bank of England will publish its report concerning interest rates and inflation data for the Eurozone. Professionals and investors anticipate that Andrew Bailey’s lead team of policy makers will likely raise interest rates to 4%; the highest in over a decade, for the tenth time in a row.

Will the FOMC Surprise the Markets?
Will the FOMC Surprise the Markets?

The first FOMC meeting comes after a buildup of anticipation from traders and investors alike, as the markets await what posture the Fed will take regarding the interest rates; would there be a hike or a cut in interest rates?

Deposit with your local payment systems

Feel the Team Spirit

Data collection notice

FBS maintains a record of your data to run this website. By pressing the “Accept” button, you agree to our Privacy policy.

Callback

A manager will call you shortly.

Change number

Your request is accepted.

A manager will call you shortly.

Next callback request for this phone number
will be available in

If you have an urgent issue please contact us via
Live chat

Internal error. Please try again later

Don’t waste your time – keep track of how NFP affects the US dollar and profit!

Beginner Forex book

Beginner Forex book will guide you through the world of trading.

Beginner Forex book

The most important things to start trading
Enter your e-mail, and we will send you a free Beginner Forex book

Thank you!

We've emailed a special link to your e-mail.
Click the link to confirm your address and get Beginner Forex book for free.

You are using an older version of your browser.

Update it to the latest version or try another one for a safer, more comfortable and productive trading experience.

Safari Chrome Firefox Opera