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Daily Technical Analysis Research 05.11.2024 – Global Markets (GOLD)

GOLD (XAU/USD):

Gold has cooled slightly over the past few days. If the price continues to decline, I’ll be watching closely to see how it responds in these lower areas of interest. The previous resistance level that we broke above would be an ideal area for accumulation, aligning well with the ascending trend line.

Daily Technical Analysis Research 05.11.2024 - Global Markets (GOLD) - Screenshot 2024 11 05 at 11.03.58 1024x622

Looking more closely at the technicals, we can see that these areas of interest align with the 50% level on the Fibonacci tool. The RSI indicator is also not signalling that the price is currently oversold.

Daily Technical Analysis Research 05.11.2024 - Global Markets (GOLD) - Screenshot 2024 11 05 at 11.04.07 1024x621

Author

Matthew Hayward
Matthew is a well-experienced Market Analyst with a key focus on both Fundamental and Technical Analysis. He has experience in covering various market topics including Cryptocurrency, Foreign Exchange, Indices, and Commodities. He looks to provide we...
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