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Focus on XAU/USD Today – 21st November 2023


Comprehensive XAU/USD for November 21, 2023

In this comprehensive analysis, Ultima Markets brings you an insightful breakdown of the XAU/USD for 21st November 2023. 


Key Takeaways 

  • The main tone of the market is determined: As the U.S. economy cools, the market is betting on the end of the Fed’s interest rate hikes. The tone of interest rate cut expectations has promoted the depreciation trend of the US dollar. 
  • U.S. economic data is important: This week’s PMI data will affect investors on the sidelines. If the economy continues to slow down more than expected, gold may break through key resistance levels. 

XAU/USD Technical Analysis 

XAU/USD Daily Chart Insights

XAU/USD Daily Chart Insights By Ultima Markets MT4
  • Stochastic Oscillator: The indicator completely sends out a bull signal, making it clear that the short-term gold trend is mainly upward. 
  • Moving average: The downward trend since early November is temporarily judged to an ending, and the 65-day and 33-day moving averages are potential support prices. If it falls below the moving average, gold prices will enter a deeper downward trend. 

XAU/USD 1-hour Chart Analysis

XAU/USD 1-hour Chart Analysis By Ultima Markets MT4
  • Stochastic Oscillator: The indicator has entered the overbought area, and short-term long position are too crowded. 
  • Moving average regression: The short-term gold price rises too fast and deviates too much from the 33-period and 65-period moving averages. If the short-term gold price encounters resistance, there is a certain probability that it will fall back to the moving average group. 
  • Elliot Wave Theory: The current overall upward trend has two expected directions. If the gold price can quickly rise above the previous high today, there is a high probability of a strong 3-3 rising driving wave; conversely, if it cannot effectively break through the previous high, there is still a possibility that the gold price will enter a deeper correction. 

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 1976.21, 
  • Bullish Scenario: Bullish sentiment prevails above 1976.21, first target 1986.87, second target 1995.92; 
  • Bearish Outlook: In a bearish scenario below 1976.21, first target 1966.95, second target 1956.35. 

Conclusion 


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