DAILY TECHNICAL ANALYSIS FOR NOVEMBER 30, 2021petar skakalov
Current level – 1.1300
On its first trading day, the pair retraced part of Friday’s rally. The bears tested the support at around 1.1260, where the bulls re-entered the market. The market sentiment is changing and so a deeper correction is likely. It is possible for the buyers to breach the resistance at 1.1316 and try to test the high at 1.1372. The first daily support is found at 1.1260, and if the zone holds, short-term rallies towards 1.1370 and 1.1460 are possible. The more significant support coming from the higher time frames is the zone of 1.1180 – 1.1200. The market is expected to find support within this area, but if it is breached, this would open the possibility for new declines that could potentially target 1.1000.
Current level – 113.64
The market retraced last week’s sell-offs and, for now, prices remain below the key resistance of 113.80. Deeper declines remain limited by the support at 113.04 and sentiment is rather mixed. A probable scenario for the pair is for trading to continue in the range between 112.75 and 114.90.
Current level – 1.3320
The strength of the bears seems to be waning and the bulls are likely to try to reverse the market. The buyers managed to disrupt the market structure at around 1.3352, and the formation of a bottom at 1.3285 confirmed their intentions. An upward move targeting 1.3490 is possible, while a breach of 1.3352 would confirm the change in market sentiment. The first daily support is 1.3285 and the first resistances are 1.3352 and 1.3400.
Gold price is stable
Gold price kept its stability below 1797.00 level, and faces a strong support line that decelerates the price mission to decline, therefore, it needs to break 1783.00 to open the way toward achieving our initial waited negative target at 1770.00.
In general, we keep preferring the bearish trend in the upcoming period if the price remained stable below 1797.00, pointing that the EMA50 keeps supporting the expected bearish wave.
The expected trading range for today is between 1770.00 support and 1805.00 resistance.
The expected trend for today: Bearish
Source: Technical analysis