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Daily Technical Analysis Research 19.11.2024 – Global Markets (GOLD)

GOLD (XAU/USD):

As discussed in previous articles, I was particularly interested in observing how Gold would respond at these lower levels, especially given earlier indications of the price being “overbought” based on the RSI indicator.

Daily Technical Analysis Research 19.11.2024 - Global Markets (GOLD) - Screenshot 2024 11 19 at 11.33.34 1024x630
A closer examination of the technicals on the daily time frame reveals a potential shift, suggesting that the market could be turning bearish in the short term. I will be monitoring closely to determine whether the price resumes its upward movement, indicating this was merely a liquidity sweep, or if it continues to trend lower, potentially rebalancing around the 50% Fibonacci level.

Daily Technical Analysis Research 19.11.2024 - Global Markets (GOLD) - Screenshot 2024 11 19 at 11.33.43 1024x632

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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