Gold Intraday Short-Term Analysis and Trading Strategies (Novemb

Gold is currently oscillating between the 61.8% and 78.6% Fibonacci retracement levels (3945-4136), but trading volume remains weak. A further rise followed by a fall back to the 50% Fibonacci retracement level of 3811 cannot be ruled out. Stronger support lies nearby, at the 89-day moving average of 3753. This means the short-term correction is not yet over. Today, the key resistance level to watch is 4060-70, with a smaller resistance level at 4020.

Intraday Short-Term Trading Strategy:

Primarily sell on rallies, with buying on dips as a secondary strategy. Support levels to watch are 3979, 3936, and 3882.