XAUUSD (GOLD) 4hour Analysis 11/24/19
Higher time-frames have been very bullish for gold but the daily trend has been in a slight downtrend presumably from the steady dxy bullish trend.
Last week we saw gold test our daily 38.2% fib level and pushed up to test resistance/structure at 1477.50 where it failed to break and push higher.
After that test we have been seeing strong bearish setups indicating that there is bearish pressure still present, we will look to target the 38.2% once more around 1450.00-1447.00 and see what the market tells us once price reaches this area!
Last week we saw gold test our daily 38.2% fib level and pushed up to test resistance/structure at 1477.50 where it failed to break and push higher.
After that test we have been seeing strong bearish setups indicating that there is bearish pressure still present, we will look to target the 38.2% once more around 1450.00-1447.00 and see what the market tells us once price reaches this area!