GOLD → A break of 2600 will make buyers panic

2024年11月26日

XAUUSD is returning to the sell-off phase due to the change of fundamental background. Buyers are unwinding their positions and the price is entering the sell-off zone



The main reason for the fall is the ceasefire between Israel and Hezbollah. The first rumors appeared early Monday morning and the market reacted accordingly. Everyone is still waiting for the actual confirmation of the rumors.
Also Trump is beginning to hint at increased tariffs on goods from Canada, Mexico and China. Active actions will start in January, after the inauguration of the new US president.
But, the risks are still high due to the escalated conflict between Russia and Ukraine.
Technically, gold is returning to the channel, marking a strong resistance at 2632 and 2620. (a retest of the zone is possible before a further fall).

Resistance levels: 2632, 2620
Support levels: 2605

A price consolidation below 2620 or below 2605 will strengthen the sell-off phase. The fundamental background is weak, which increases the pressure of bears. In the mid-term, I expect the decline to continue after the breakdown of 2605-2600

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!

2024年11月26日

交易進行

Gold tests resistance and forms a false breakdown of 2632