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FX.co ★ Daily analysis on Gold for November 26, 2021.

Daily analysis on Gold for November 26, 2021.

Gold price is trading above $1,800 after reaching earlier as high as $1,814. Gold price is showing reversal signs as we expected. In our previous posts we noted the increased chances of a trend reversal in Gold as the double bottom around $1,780 and the bullish RSI divergence signals, were enough to make me bullish.

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Daily analysis on Gold for November 26, 2021.

Black lines - Fibonacci retracements

Blue rectangle - support

Red line -expected path

Gold price so far has been following our expected path higher. Price has held the 78.6% Fibonacci retracement and is now moving higher. Resistance is at $1,815 where we also find the 38% Fibonacci retracement of the latest decline from $1,870. Price has started making higher highs and higher lows. In order for trend to change this pattern must continue higher and break above $1,815. The RSI has started turning higher in the 4 hour chart and since it has not reached the overbought area, there is still room for some upside.

*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade
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