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Gold (XAUUSD) Price Breaks Down $1,796, Targeting $1,750 level – Cryptovibes.com – Daily Cryptocurrency and FX News

Gold (XAUUSD) Price Breaks Down $1,796, Targeting $1,750 level – Cryptovibes.com – Daily Cryptocurrency and FX News


Gold Weekly Price Analysis – November 27

Further declination of the Gold price is possible in case the Bears increase their momentum and the Gold price may move down towards $1,750 which may be its target. However, breaking up the resistance level of $1,796 may push the pair towards $1,831 and $1,873 price levels.

 

XAUUSD Market

Key levels:

Resistance levels: $1,796, $1,831, $1,873,

Support levels: $1,750, $1,717, $1,680

 

XAUUSD Long-term trend: Bearish

XAUUSD is bearish on the long-term outlook. The metal pair (XAUUSD) experienced a pullback as it was predicted last week. Two weeks ago a gravestone Doji candle formed at $1,873 resistance level; this is a bearish reversal candle pattern. The effect of this pattern is currently on the Gold market (that is the bearish pressure). Towards the end of last week market, Gold was bullish and that is the pullback the market experienced before the continuation of the bearish trend.

XAUUSD Daily chart, November 27

Gold price remains trading below the 21 periods EMA and 50 periods EMA. The Relative Strength Index period 14 is at 40 levels with the signal lines bending up to indicate buy signal which may be a pullback experienced last week. Further declination of the Gold price is possible in case the Bears increase their momentum and the Gold price may move down towards $1,750 which may be its target. However, breaking up the resistance level of $1,796 may push the pair towards $1,831 and $1,873 price levels.

 

 XAUUSD Medium-term Trend: Bearish

XAUUSD is on the bearish trend on the daily chart. After the formation of daily candle pattern called bearish engulfing which penetrated the $1,831 level downside, the Bears pushed the currency pair down towards the $1,796 price level. More bearish candles formed as a symbol of bearish momentum; this pushed the price down below the support level of $1,796.

Gold 4-hour chart, November 27

The pair is trading below the two EMAs as a sign of a bearish trend. Nevertheless, the Relative strength Index period 14 is at 40 levels bending up which connotes buy signal which may be for a short period of time before continuation of a bearish trend.



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