XAUUSD
price is extending the previous decline toward $1,970 in early Tuesday, as the United States Dollar (USD) remains on a gradual recovery path amid a negative shift in risk sentiment. Traders await the return of the public appearances from the US Federal Reserve (Fed) policymakers for a fresh trading impetus. Gold price defended the rising trendline support at $1,978 on Monday. But sellers have flexed their muscles, teasing an ascending triangle breakdown on the daily chart early Tuesday.
If Gold price manages to yield a daily closing below the rising trendline support, now at $1,981, a downside break from the ascending triangle will be confirmed.
Immediate cushion is seen at a November 1 low of $1,970. A failure to resist above the latter will target a bullish 21-day Simple Moving Average (SMA) at $1,966.
The next relevant support is seen at $1,963 en route to the $1,950 psychological level.
With the 14-day Relative Strength Index (RSI) indicator still holding above the 50 level, the downside momentum in Gold price appears short-lived.
🌐
XAUUSD
PLAN November 7 Asia - Europe Gold:
🔴SELL watch Price range 1982$ - 1984$ - stoploss: 1987$
Watch to BUY price range 1967$ - 1969$ - stoploss: 1963$
American session:
🔴SELL watch Price range 1994$ - 1992$ - stoploss: 1998$
Buy price range 1955$ - 1957$ - stoploss: 1950$
Note: Full TP, SL to be safe and win the market ‼️
