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💡 XAUUSD: Analysis on November 30

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Below is the XAUUSD analysis on November 30

Gold saw its fifth consecutive day of price hikes yesterday, marking a sustained upward trend where the most significant surge has yet to materialize. Despite the uptick in yesterday's D1 bar, it formed a spinning top candlestick pattern, indicating a delicate balance between supply and demand throughout the day. However, buyers no longer exert full control. The overall structure of Gold's D1 chart remains bullish. Nevertheless, the fact that yesterday's D1 bar continued to close beyond the upper boundary suggests an overbought scenario, raising the possibility of a potential retracement before further advancement.
H1 gold, on the other hand, has transitioned into a sideways accumulation phase, unable to sustain its upward trajectory due to the inability to establish a new high price peak. The crucial approach for H1 gold is to patiently await buying opportunities at lower levels, avoiding chasing after higher prices to prevent overbought conditions at D1.

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Stronger GDP data boosted the USD and put slight pressure on gold in mid-week trading. However, expectations that the US Federal Reserve (Fed) may cut interest rates in the first half of next year continue to keep bullion near a 7-month high.

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A weaker dollar and lower interest rates following slightly more dovish comments from Fed officials helped gold rise, according to UBS analyst Giovanni Staunovo. This expert believes that the next resistance level will likely be the record high recorded in 2020.

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Gold going down to Support Zone

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