Gold fell on 22nd November, on the fundamental news of Powell remaining the chairperson of the FED. Gold took the bearish hit with this news, halting towards the 1782 level in the session open of NYSE.

For a technical standpoint, we will analyze the H4 for gold in order to detect the longer perspective.

The market halted down towards a strong H4 and weekly support at the 1782 region. This region was not tested before, hence had a higher potency to break the market and continue pushing it up. As there was massive institutional bearish pressure, the support was wicked down to gather liquidity. From this support, we anticipate a bullish momentum towards the first resistance.

The descending channel has been formed on the H4. The support trendline has created the divergence for the market to move up, whereas the resistance trendline, still needs to induce a breakout buy for the market to further fuel up. The support trendline provides us with another technical factor to push the market up.

At the support level, we have a confluence of the golden retracement level of 75-78.6%. This retracement having a confluence on the support level highlights the strength of this region.

Both the EMA 50 and EMA 200 are in a bearish sentiment, with a bullish death cross. The bullish death cross indicates that the market is still bullish until otherwise. The EMA 200 was pierced but was unable to retest the EMA. This un-retested EMA needs to be brought back up to retest or break the EMA 200.

With the oscillators, we have bullish divergences on both the RSI and CCI. These divergences aligned with the technical price factors on the chart, give us a decent long setup.

Gold has been at a solid level for the market to move it up. From this level, we might gain 100-200 pips. Once this happens, we will bring our stops to breakeven.

Gold, up and above

Nov 23 2021

Stop Loss -0.72%

Holding time 6d20hr

1788.43

Entry price

1775.57

Stop loss price

2