ANALYSIS OF XAUUSD H1 FRAME ON 11/24/2023
- The main structure of XAUUSD is bullish, and the current downward momentum is considered a correction.
- Key resistance levels for XAUUSD are noted at 1987. If the price closes below this level on any H1 candle, the selling side takes control of the market. Traders can consider shorting on a rebound from 1987-1990 with a target around 1976.
- In the scenario where the price touches the resistance and faces selling pressure, signaling rejection around 1998-2000, it is an opportunity to consider selling.
- Key resistance levels for XAUUSD are noted at 1987. If the price closes below this level on any H1 candle, the selling side takes control of the market. Traders can consider shorting on a rebound from 1987-1990 with a target around 1976.
- In the scenario where the price touches the resistance and faces selling pressure, signaling rejection around 1998-2000, it is an opportunity to consider selling.