XAUUSD-Reborn

XAU/USD Technical Analysis Report

Date: 21-11-2024

Summary:

Our analysis suggests that XAU/USD has completed Wave A of a corrective downward move from $2790 to $2536.85, representing a drop of approximately 9.0%.

Technical Analysis:

Daily Time Frame

Wave Count:

- Wave A: Downward ($2790 - $2536.85)
- Wave B: Upward ($2536.85 - $2730)
- Wave C: Downward ($2730 - $2258)

Chart Pattern:

- Descending Triangle
- Flag Pattern

Indicators:

- RSI (14): 40 (Oversold)
- MACD (12, 26): Bearish crossover
- Moving Averages: 50-day MA resistance

Candlestick Patterns:

- Bearish Engulfing
- Dark Cloud Cover

Key Levels:

- Resistance: $2730, $2850
- Support: $2536.85, $2450

Conclusion:

Wave A's completion indicates a potential upward correction in Wave B. Our analysis suggests targeting $2700, followed by a downward move in Wave C to $2258.

Recommendations:

- Short-term traders: Consider buying at $2536.85, targeting $2700
- Long-term investors: Monitor the $2258 level for potential buying opportunities

Risk Management:

- Stop-loss: $2450
- Take-profit: $2700

Disclaimer:

This report is for informational purposes only and should not be considered investment advice.