GOLD XAUUSD INTRADAY ANALYSIS 29 NOV 2024 BLACK FRIDAY

Gold Spot (XAU/USD) Technical Analysis

1. Key Levels and Zones:

Resistance Zone (Gray Box):
Gold is testing the resistance area near $2,650 after a prior fakeout breakout within this region.

Support Levels:
$2,649.85: Immediate support that could hold short-term price action.
$2,637.81 - $2,636.77 (Yellow Zone): A key level of interest where buyers may step in.

Demand Zone: Around $2,621 (marked in teal), a strong buying interest area from previous price reactions.

2. Breakout or Reversal Scenarios:

Bullish Case:
A breakout above $2,650 will invalidate bearish pressure. This move could push prices higher toward $2,670-$2,700, signaling continuation of the uptrend.

Bearish Case:
A reversal below $2,650 suggests rejection from the resistance zone. If this happens:
Price may revisit $2,637.81-$2,636.77 for a retest.
Further downside could lead to a test of the $2,621 demand zone.

3. Market Structure:

BOS (Break of Structure):
Multiple BOS points observed in both directions indicate a choppy market. The most recent BOS favors bullish momentum but remains vulnerable near resistance.

Fakeout Breakout:
The fakeout above $2,650 previously trapped buyers, leading to sharp selloffs.

4. Trade Ideas:

For Bulls:
Wait for a clean breakout and retest above $2,650, confirming continuation. Target $2,670-$2,700.

For Bears:
Look for rejection signs below $2,650 or on a retest of $2,637.81-$2,636.77. Target downside towards $2,621.

5. Key Observations:
Volume or momentum confirmation is critical to avoid getting caught in another fakeout.
This setup offers a balanced risk-reward for both bullish and bearish trades depending on breakout or reversal signals.