XAUUSD 17/11/24
Following the previous weeks' analysis, we are once again adhering to the bearish narrative for this pair. Many traders have attempted to go long despite the pair showing strong bearish momentum. In my opinion, this is due to a couple of major factors. Firstly, gold is considered a safe haven, and as the market becomes more fluid, liquidity is being redirected to other assets that may carry slightly more risk. Secondly, the election of Donald Trump as president has bolstered confidence in the economy, further contributing to this liquidity shift. While gold remains a reliable safe haven, these factors have influenced its price movements.
It’s important to note that this view is based on my perspective. Over the past few months, gold prices have surged significantly, making a corrective move almost inevitable.
As mentioned in the EUR/USD market analysis, we are maintaining a bearish outlook here as well. After sweeping the daily low—indicated by the arrow on the left-hand side—the market experienced a short-term push to the upside. This move has swept liquidity, and we are now anticipating a reallocation higher within the short-term range that has been established.
Within this range, there is an unmitigated supply area similar to what was observed on the previous chart. We expect the price to run through the short-term highs located in the middle of the range before initiating a sell-off near the upper boundary. However, there is also a possibility that the sell-off could occur earlier, without pulling back into any of these areas. Should that happen, the chart will need to be updated accordingly.
Our overall targets are the liquid highs at the upper end of the range, followed by a continuation to the downside, with the price running the marked low and sustaining its bearish trend until the bias shifts.
Trade safe and stick to your plan.
It’s important to note that this view is based on my perspective. Over the past few months, gold prices have surged significantly, making a corrective move almost inevitable.
As mentioned in the EUR/USD market analysis, we are maintaining a bearish outlook here as well. After sweeping the daily low—indicated by the arrow on the left-hand side—the market experienced a short-term push to the upside. This move has swept liquidity, and we are now anticipating a reallocation higher within the short-term range that has been established.
Within this range, there is an unmitigated supply area similar to what was observed on the previous chart. We expect the price to run through the short-term highs located in the middle of the range before initiating a sell-off near the upper boundary. However, there is also a possibility that the sell-off could occur earlier, without pulling back into any of these areas. Should that happen, the chart will need to be updated accordingly.
Our overall targets are the liquid highs at the upper end of the range, followed by a continuation to the downside, with the price running the marked low and sustaining its bearish trend until the bias shifts.
Trade safe and stick to your plan.
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