After a one-day Thanksgiving rest, back in action again with Gold making what looks like a strong rejection on the 4H MA50 (1,756.11).
Notice that despite breaking above it, no 4H candle has yet closed above it, indicating that the market is treating it as a Resistance and short-term traders book their profits.
1D remains on bullish technicals (RSI # 59.637, MACD # 18.760, ADX # 33.036) but should reverse it the price breaks below the 1D MA200 (1,711.56 currently).
As mentioned all week, I am only willing to buy after a 4H MA50 above closing (TP# 1,800) or when the 1D RSI hits its Higher Lows trend-line, possibly around 50.000 and near the 1D MA50 (1,686.44 and rising).
Both the DXY and US10Y are bearish, and it should be suprising that Gold is pulling-back today.
All prices mentioned on my analysis are on XAUUSD. I hope you liked this week's trades, enjoy your profit and have a great weekend.
Notice that despite breaking above it, no 4H candle has yet closed above it, indicating that the market is treating it as a Resistance and short-term traders book their profits.
1D remains on bullish technicals (RSI # 59.637, MACD # 18.760, ADX # 33.036) but should reverse it the price breaks below the 1D MA200 (1,711.56 currently).
As mentioned all week, I am only willing to buy after a 4H MA50 above closing (TP# 1,800) or when the 1D RSI hits its Higher Lows trend-line, possibly around 50.000 and near the 1D MA50 (1,686.44 and rising).
Both the DXY and US10Y are bearish, and it should be suprising that Gold is pulling-back today.
All prices mentioned on my analysis are on XAUUSD. I hope you liked this week's trades, enjoy your profit and have a great weekend.