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29.11.202121:10 Forex Analysis & Reviews: Gold potential larger drop

Exchange Rates 29.11.2021 analysis

XAU/USD breakdown

Gold dropped below the uptrend line signaling that the downside movement could continue. Still, 1,784.12 former low stands as a downside obstacle. At the time of writing, the price was challenging this level. A drop and holding below it could announce a potential further drop.

Technically, its failure to stay below the broken uptrend line may signal that gold could start increasing again after its amazing sell-off.

XAU/USD trading conclusion

Gold tested and retested the uptrend line but its failure to stabilize above the 1,800 psychological level signaled that the sellers are still strong. Stabilizing below the uptrend line and under the 1,784.12 may open the door for a larger downside movement.

*这里的市场分析是为了增加您对市场的了解,而不是给出交易的指示。

Ralph Shedler,
Analytical expert of InstaForex
© 2007-2022
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