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17 Nov 2020

Gold Price Analysis: XAU/USD's daily chart shows indecision

  • Gold''s immediate bias is neutral with prices trading within Monday's range. 
  • Monday's high is the level to beat for the bulls. 

Gold created a long-legged Doji candle on Monday, implying indecision in the market. 

The metal is currently trading near $1,890 per ounce. The immediate bias would remain neutral as long as prices are held within Monday's trading range of $1,864-$1,899. 

A close above $1,899 would mean the period of indecision has ended with a bull victory. It would validate the dip demand near $1,864 observed on Monday and open the doors to $1,933 (Oct. 12 high resistance). Alternatively, acceptance under $1,864 would expose the Nov. 9 low of $1,850. 

With risk assets cheering multiple positive news on the coronavirus vaccine front, the odds appear stacked in favor of a break below $1,864. 

Daily chart

Trend: Neutral

Technical levels

 

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