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Focus on XAU/USD Today – 16th November 2023 


Comprehensive XAU/USD for November 16, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the XAU/USD for 16th November 2023. 


XAU/USD Key Takeaways 

  • The U.S. economy is facing a short-term chill: U.S. retail sales recorded a monthly rate of -0.1% in October, the first decline in seven months, and the expectation was -0.3%. The U.S. PPI index in October was weaker than expected, recording -0.5%, the largest decline since April 2020. 
  • U.S. holidays may stimulate consumption: Although retail sales recorded a negative monthly rate, this decline is unlikely to continue as the United States enters the holiday shopping season. 

XAU/USD Technical Analysis 

XAU/USD Daily Chart Insights

XAU/USD Daily Chart Insights By Ultima Markets MT4
  • Stochastic Oscillator: The indicator formed a bullish signal on Tuesday, suggesting that the short-term trend of gold price is mainly upward. 
  • Moving average: Since the gold price crossed the 200-day moving average in mid-October, the market has not yet entered a downward cycle in terms of long-term trends. Therefore, the decline since early November is temporarily regarded as correction wave, and the 65-day and 33-day moving averages are potential support levels. 

XAU/USD 1-hour Chart Analysis

XAU/USD 1-hour Chart Analysis by Ultima Markets MT4
  • Stochastic Oscillator: The indicator is still in a downward trend. Wait for the indicator to send a long signal in the oversold area and focus on long opportunities. 
  • Elliot Wave Theory: The upward trend since Monday can be clearly divided into a five-wave structure, which is temporarily regarded as a driving wave. Therefore, the subsequent decline is temporarily regarded as a correction wave, and we will wait for the corrective wave structure to be complete to focus on long opportunities. 
  • Fibonacci retracement level: The market is currently blocked at the 38.2% Fibonacci retracement level, and may continue to decline in the short term. The next support price is the 50% retracement level. 

Ultima Markets MT4 Pivot Indicator

Ultima Markets MT4 Pivot Indicator For XAU/USD
  • According to the pivot indicator in Ultima Markets MT4, the central price of the day is established at 1963.35, 
  • Bullish Scenario: Bullish sentiment prevails above 1963.35, first target 1971.18, second target 1983.09; 
  • Bearish Outlook: In a bearish scenario below 1963.35, first target 1951.51, second target 1943.68. 

Conclusion


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