GOLD → Trading inside the channel from the range boundaries

28 พ.ย.

XAUUSD declines to 2620 amid positive news from the Middle East, but the overall fundamental background is still difficult. Today is low liquidity due to the Thanksgiving holiday in the US.



The gold price is down amid a ceasefire between Israel and Hezbollah on Wednesday. But on Wednesday night there were reports of an escalation of conflict in Aleppo, Syria .... Also not to forget the escalated conflict in Eastern Europe.
The dollar is still in consolidation, given that today is a holiday in the U.S., there may be low liquidity and high volatility in the market. Accordingly, an exaggerated price movement in gold cannot be ruled out.
Technically, gold is flat, so we consider trading from the range boundaries. We focus on the local channel from H1 2660 - 2618 and the global channel from D1 - 2689 (2710) - 2605.

Resistance levels: 2660, 2604, 2678, 2689
Support levels: 2618, 2605

Accordingly, in the momen, gold is heading towards the liquidity above. False breakdown of the key resistance zone and price consolidation in the selling zone may form a price decline to the lower boundary of the flat.

Rate, share your opinion and questions, let's discuss what's going on with ★ XAUUSD ;)

Regards R. Linda!