GOLD → Support retest and low volatility is expected

23 Nov 2023

XAUUSD may be low-volatility on Thursday (today) and form a narrow range as it is Thanksgiving Day in the US and in Canada, which I would like to congratulate the people of these two countries!!!



Moving on to gold: The market continues to test the 1984 area. False breakdowns, prolonged trading in this area indicates that buyers and sellers are fighting for this area. A prolonged consolidation of the price above 1984 will form a bullish potential, which will indicate medium-term prospects for us.



The DXY will stand still today, which will affect the forex market accordingly.
Gold makes a false break of the local support 1994 and bounces from 0.5 fibo, but the important liquidity area has not been tested yet. It is likely that the dollar may continue to strengthen slightly on Friday, while gold may go lower to 1984 or trend support, but the fundamental background is still on the side of gold and we are still waiting for the continuation of the rise.

Support levels: 1993, 0.5 fibo, 1984
Resistance levels: 1998, 0.236 fibo

Today the price will trade within the narrow range of 1998 - 1993, 1990. A range trading strategy can be used for trading.
Do not consider gold for medium-term selling at the moment, there is no reason to do so, the market is still technically and fundamentally strong for growth.

Regards R. Linda!

24 Nov 2023

Nota

Gold is in consolidation.
At the moment I am focusing on the 1993 level.
A prolonged consolidation of the price will give a bullish potential.
If 1998 is broken, the market will start to form a price rise