XAUUSD Weekly Analysis

19 Nov 2023

Welcome to my XAUUSD analysis for the upcoming week. Let's dive into the price action to anticipate the potential moves in the market, acknowledging the inherent volatility.

Monthly:
The current monthly candle suggests a completed retest around 1930. A bullish move is anticipated in the remaining days, with a desired close above 1990, a previous resistance area. This breakthrough could pave the way for a strong bullish momentum, possibly surpassing the 2000 mark.

Daily:
Recent closure resembles a rejection candle, hinting at a potential pullback to the 1958-1960 region, a previous support level on the daily timeframe. It's crucial to avoid the price dropping below 1970 for a more confirmed bullish outlook. Any pullback beyond 1970 might lead to a ranging phase between 1958 and 1975, offering a potential selling opportunity. However, the prevailing trend seems predominantly bullish. Breaking the rejection candle high at 1986 could propel the price towards 1993.

4H:
A confirmation resistance candle has formed, indicating a possible bearish move. A break below the previous 4-hour candle at 1978 may lead to a decline, with a 15-minute candle closure below 1975 prompting a retest of 1970. Entering at around 1970 support could be opportune for an anticipated bullish move.

1H:
Currently, the price is ranging between 1980 and 1985. The closure at 1980 adds a layer of complexity to predict the immediate future. Observing price behavior in this range will be crucial to understanding potential market movements.

Stay tuned for updates as we navigate the market dynamics throughout the week.