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: gold rebounded from the bottom
2019-11-11 • Updated
TP1 1288 TP2 1301 TP3 1316
On the daily chart, XAU/USD pulled back after reaching 224% and 88.6% targets of AB=CD and “Double top”. To continue the rally towards the lower border of the uptrend channel, bulls need to conquer resistance at 1268.
On H1, a break of resistance at 1266-1268 will open the way up to the upper border of the downtrend channel and 88.6% target of the “Shark” at 1301.
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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