💡 XAUUSD: Gold accumulates sideways, waiting for a breakthrough
Updated
➡️ Gold saw an increase in value yesterday, but the daily chart (D1) formed a bar with a very narrow range and an upper shadow, indicating the presence of selling pressure at higher levels. The D1 bar, characterized by a limited price range, was part of the preceding inside bar pattern, representing a "double" price combination with the inside bar + narrow range bar price action combo. Despite these fluctuations, gold on the D1 chart is currently facing resistance and has not been able to breach the 2,000 mark. The chart structure suggests a sideways accumulation pattern for D1 gold.
➡️ On the hourly chart (H1), gold is also consolidating sideways and encountering resistance at higher levels. It is advisable to consider buying gold below the current levels, as attempting to buy above may face obstacles, especially around the 2,000 mark. If the price breaks below the current levels, one might consider waiting to initiate a selling position.
➡️ On the hourly chart (H1), gold is also consolidating sideways and encountering resistance at higher levels. It is advisable to consider buying gold below the current levels, as attempting to buy above may face obstacles, especially around the 2,000 mark. If the price breaks below the current levels, one might consider waiting to initiate a selling position.
Note
International gold prices at the beginning of the trading session on November 23 (US time) increased slightly by 0.1% as the USD decreased by 0.3% compared to other major currencies. In addition, gold prices are also supported by US Treasury bond interest rates, which are on the sharpest decline in the past two months.Note
GOLD COME BACK 2000 !!!Note
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