- XAUUSD Update for 11/11:
The Gold market came under strong selling pressure during yesterday’s session and returned to test the psychological support zone at 4,000 USD/oz, amid higher-than-expected U.S. CPI data. This increased pressure on Gold prices as the market revised its expectations for Fed interest-rate policy.
On the H4 chart, GOLD is returning to test the key support zone at 4,000–4,020, which also coincides with the short-term uptrend line and the previous consolidation area, following the price’s break of the bearish structure.
Notably, the 4,027–4,040 zone is acting as nearby support. Meanwhile, the MA20 is currently around 4,080 and will be a notable resistance level if the price rebounds.
In terms of market structure, the current correction is not yet enough to confirm that the uptrend has ended. It may still be a necessary retest following the strong recovery in the recent period.
#gold #XAU $XAUT
The Gold market came under strong selling pressure during yesterday’s session and returned to test the psychological support zone at 4,000 USD/oz, amid higher-than-expected U.S. CPI data. This increased pressure on Gold prices as the market revised its expectations for Fed interest-rate policy.
On the H4 chart, GOLD is returning to test the key support zone at 4,000–4,020, which also coincides with the short-term uptrend line and the previous consolidation area, following the price’s break of the bearish structure.
Notably, the 4,027–4,040 zone is acting as nearby support. Meanwhile, the MA20 is currently around 4,080 and will be a notable resistance level if the price rebounds.
In terms of market structure, the current correction is not yet enough to confirm that the uptrend has ended. It may still be a necessary retest following the strong recovery in the recent period.
#gold #XAU $XAUT
