GOLD: Maintain a Sell-first Trading Approach
$Gold - main 2512(GCmain)$ $XAU/USD(XAUUSD.FOREX)$ Gold Holds $4,000 Level but Struggles to Gain Momentum Gold successfully defended the key $4,000 support level on Friday (November 14) and attracted solid buying interest in the first half of the week. On Thursday, gold briefly rose to a high of $4,243.48 before encountering heavy selling pressure
In late U.S. trading, gold settled at $4,085.11, plunging $86.25 or 2.07% intraday, yet still posting a weekly gain of $84.20 or 2.1%.
Earlier this week, gold surged after breaking out of its previous consolidation range, but the rally stalled at the $4,200-$4,250 resistance zone. Bears re-entered the market and regained control of the near-term trend. On the downside, the $4,050 area provides immediate support. A sustained break below this level could trigger a pullback toward $4,000. On the upside, a decisive break above $4,250 is needed to reignite bullish momentum, with the next target around the historical high near $4,318. Momentum indicators show cooling signs, with the Relative Strength Index (RSI) retreating to 55, indicating waning upward force after the recent surge.
Next Monday: Focus on resistance near $4,110 in the short term; maintain a sell-first trading approach!
Strategy 1: If gold prices drop immediately after Monday's open, enter sell orders with the trend targeting 4065! Strategy 2: Sell: 4095-$4098 TP: 4065 SL: 4111
Financial chart displays XAUUSD gold prices in USD per ounce over time from late November, featuring candlestick patterns with a red downward arrow at 4110 indicating short-term double resistance formation, green upward arrow at 4050 for support, blue and orange lines for moving averages, volume bars below, and axis labels for price levels from 4040 to 4120 and dates in November.
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