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.
XAU/USD: bulls are counterattacking
2019-11-11 • Updated
BUY $1328 SL $1313 TP2 $1346 TP2 $1358
SELL $1302 SL $1317 TP1 $1272 TP2 $1245
On the daily chart of XAU/USD, bulls to continue the rally to 127.2% and 1.618% of the senior and junior AB=CD need to overcome resistance at $1,340 and $1,360 an ounce. On the other hand, another test of support at $1,302 in case of success will lead gold to 88.6% target of the “Shark” pattern.
On H1, a break of resistance at $1,328 will open the way to 113% and 88.6% targets of the “Shark”.
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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