Gold prices have experienced four consecutive weeks of decline, with a 3.6% drop in the current month, marking the worst performance since February. Despite this decline, retail traders are showing increased bullish sentiment toward gold. This suggests that some investors see the lower prices as an attractive buying opportunity.
Gold is in demand
2019-11-11 • Updated
BUY 1276; TP1 1286; TP2 1300; SL 1272
SELL 1269; TP1 1262; TP2 1255; SL 1273
On W1, XAU/USD has fixed above 200-week MA. As long as it’s trading above 1235, it has a strong chance of strengthening to 1300 and 1320 in the medium term. Notice, however, that 50-week MA is about to cross down the 100-week MA. It means that a correction down may come first and only after that we’ll see another leg up.
On D1, the price of gold reached the upper border of the uptrend channel. There are positive signs (50-day MA above 100-day MA, advance above 200-day MA and 50% Fibo). If bullish momentum continues, 61.8% Fibo level will be in sight. At the same time, it would be safer to have a confirmation that a breakthrough to the upside has really taken place. A daily close above 1273 would bring such confirmation.
Gold prices dipped as investors took profits following a near one-month high, but still recorded their biggest weekly gain since April on expectations of a pause in U.S. interest rate hikes. Spot gold was down 0.3% at $1,954.69 per ounce, while U.S. gold futures eased 0.2% to $1,959.30. The dollar index edged up 0.2% but remained close to its lowest level since April 2022.
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