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Gold Price Forecast: XAU/USD Sellers May Press Towards 200-DMA

Gold Price Forecast: XAU/USD Sellers May Press Towards 200-DMA

Mahmoud Alkudsi, Analyst

XAU/USD Price Outlook

Check our Q4 forecasts for EUR, USD, Oil and find out for free what might move the price this quarter.

Gold Prices – Half way Through to 200-DMA

On Nov 5, Gold declined below $1500 handle then broke below 50-day average, generating two bearish signals. The precious metal continued losing value and yesterday, the price printed a multi-month low at $1,445 o/z creeping towards 200-Day average. The level has never been tested in nearly six months.

The Relative Strength Index (RSI) has remained flat since Friday, indicating to lower downtrend impulse.

Having trouble with your trading strategy? Here’s the #1 Mistake That Traders Make

Gold DAILY PRICE CHART (Oct 1, 2018 – Nov 13, 2019) Zoomed out

Gold price daily chart 13-11-19 Zoomed out

Gold DAILY PRICE CHART (15 JUly – Nov 13, 2019) Zoomed In

Gold price daily chart 13-11-19 Zoomed int

Looking at the daily chart, we notice on Friday Gold broke below the Oct 1 low at $1,459 discussed in our last update . Currently, the price is still moving in the same trading zone $1,440 - $1,510.

Thus, a close below the low end of the zone could send XAU/USD towards $1,400. Further close below the low end may embolden sellers to press towards $1,361. That said, the weekly support levels and areas marked on the chart (zoomed in) should be kept in focus.

In turn, any failure in closing below the low end of the zone could keep XAU/USD in the range i.e. may cause a rally towards the high end of the zone.

See the chart to know more about the following trading zone with the weekly resistance levels price would encounter in a further bullish move.

Just getting started? See our Beginners’ Guide for FX traders

Gold Four-HOUR PRICE CHART (Oct 3 – Nov 13, 2019)

Gold Price Forecast: XAU/USD Sellers May Press Towards 200-DMA

From the four-hour chart, we notice on Nov 7, XAUSUD broke below $1,474 then declined creating lower highs with lower lows.

Yesterday, sellers paused bearish price action after leading the price to its lowest since early August. Gold could correct higher if breaks above $1467.

A break above $1489 may send XAUSUD towards $1,510. Nevertheless, the daily resistance level underlined on the chart should be watched closely. On the other hand, a break below $1,430 may see the precious metal trading even lower towards $1,412. Although, the weekly support underlined on the chart should be considered.

See the chart to know more about key technical levels in a further bullish/bearish scenario.

Join Me on Friday, Nov 22 at 14:00 GMT. In this session we will talk about most common Continuation patterns and how to trade them.

Written By: Mahmoud Alkudsi

Please feel free to contact me on Twitter: @Malkudsi

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

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