Gold Technical Analysis 30th Nov ~ 4th Dec 2020

29 November 2020

Gold has tumbled down below $1,800 after surviving above that line for several days. While the precious metal suffered a precipitous fall

The broader downtrend stems from vaccine news that dominated headlines in November. With hope in sight, policymakers may refrain from implementing new stimulus measures. 

How is XAU/USD positioned on the D1 charts? 

Monthly chart showing November candles likely to end with bearish pattern

1800 is new strong resistant on timeframe H1.

The Technical Confluences Indicator is showing that gold is holding above critical support at $1,775, which is the meeting point of the previous 1h-low

Below that line, there is no cushion at least until $1,754.

Some resistance is at $1,800,

It expected to continue falls toward $1,700 our next week target drop.

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