RLinda ! GOLD-> Gold in the range. What's next?

27 nov 2022

Gold has been on a positive trend since early November and is recovering to a record high for the period (up 10%) to 1786.5
Last week there were rumors of further positive dynamics for gold in the fundamental sector.



The daily chart
The Super Guppy shows gold moving into a neutral phase. The market change to a dominant bullish rally may occur after the price breaks the resistance of 1800.
MACD indicates a strong bullish factor
Daily RSI is above the 60 line - buyers are showing their strength



On the hourly chart the price is squeezed in a range. From the resistance the price is trying to get to the support zone, on Friday after the fall, by the evening the price was bought out. I think the price might continue to trade between 1765 and 1727 for a while
I think that the priority at the moment is for the buyers, so it is worth paying attention to the key zones for buying:
1) price channel support (support zone)
2) Breakdown of resistance at 1765.

For sales the condition is one - a breakdown of channel support. A downside break-down and a break-down of 1727 will open the way for the bears to 1665.

Regards R.Linda!