💡 GOLD: Gold has not yet broken the above resistance
While the price of D1 gold saw an increase yesterday, putting an end to its three-day losing streak, the resulting price bar displayed an upward trend with a limited range. It closed with a 1/2 upper shadow, indicating that the buying force in the lower range remains relatively weak compared to the downward pressure from above. The daily structure of gold on D1 appears to be in a sideways pattern, leaning more towards a potential price increase.
On the H1 timeframe, gold has recently experienced a robust upward movement, although it has yet to breach the crucial upper resistance zone. Currently, the primary trend for H1 gold suggests a cautious approach, with an inclination to wait for a selling opportunity at the resistance above. Traders may consider a shift to buying only if this resistance is successfully breached and subsequently retested.
On the H1 timeframe, gold has recently experienced a robust upward movement, although it has yet to breach the crucial upper resistance zone. Currently, the primary trend for H1 gold suggests a cautious approach, with an inclination to wait for a selling opportunity at the resistance above. Traders may consider a shift to buying only if this resistance is successfully breached and subsequently retested.
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The H4 frame produces a head and shoulders model
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The marginal depreciation of the USD during the evening trading session on November 9 heightened the attractiveness of gold for investors with holdings in alternative currencies. Presently, the market eagerly anticipates the speech by the Chairman of the US Federal Reserve (Fed) to glean insights into the Fed's prospective monetary policy trajectory. In addition to fluctuating interest rates, the waning safe-haven demand for gold amid geopolitical tensions poses a challenge, hindering the metal's ability to sustain a meaningful upturn over the past week.
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