It has been weeks since we last spoke about the XAUUSD. In the last post you may’ve noticed how price failed to break past level 1849.78 .The same applies in today’s post. The Gold price action finds support at level 1849.78 after sellers push market bearish for weeks.

Gold H4 Chart 5 November 2020
XAUUSD H4 Chart 5 November 2020

In the chart we see how price has been ranging between levels 1849.78 and 1914.12 with no signs of any consistent market direction. With price currently trading at level 1906.04 .We believe that level 1962.98 could be tested. The question is, will price move past level 1962.98 and if so will the all time high be reached ?

To answer that question our analyst believe we could see 1962.98 being reached. However, we don’t think price will break past it as yet. If price does break past this level. This could signal positive signs for the buyers who wish to ride the bullish trend.

Gold Daily Chart 5 November 2020
XAUUSD Daily Chart 5 November 2020

We strongly and highly believe that the Gold price action could reach higher highs before the year ends. Possibly move past the higher high depending on how far buyers push the market bullish.

NB: Warning Before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose. Consider position sizing before entering a trade and manage your risk accordingly. Please read the risk warning before deciding to trade the markets.

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