The document discusses the gold (XAUUSD) price analysis. It notes that gold is currently in a bullish long-term trend but bearish medium-term trend. The price may bounce off resistance at $1,873 or break support at $1,831. If support holds, prices could rise to $1,908-$1,959, but a break below $1,831 may see prices fall to $1,796-$1,750. Central bank speakers and the US dollar will be key influences on gold prices going forward.

1. Gold (XAUUSD) Price May Bounce
Off $1,873 Resistance Level

2. Points To Be Discussed Today:
• Bears May Take Over Gold Market Soon
• XAUUSD Long-Term Trend: Bullish
• XAUUSD Medium-Term Trend: Bullish
• XAU/USD Recaptures $1,860 Amid
Cautious Optimism
• Gold Spot / U.S. Dollar

3. Bears May Take Over Gold Market
Soon

4. Gold Weekly Price Analysis –
November 20
• Gold price may reverse to downtrend
movement provided the support level of
$1,831 is broken downside, price may decline
to $1,796 and $1,750 levels.
• In case the bulls defend the support level of
$1,831, the price may break up $1,873 level
and increase to $1,908 and $1,959 levels.

5. XAUUSD Market
Key levels:
• Resistance levels: $1,873, $1,908, $1,959
• Support levels: $1,831, $1,796, $1,750

6. XAUUSD Long-Term Trend: Bullish
• Gold is bullish on the long-term outlook. The
bullish momentum commenced on November 04
with the formation of bullish engulfing candle
pattern.
• The price soars towards north side. The former
resistance levels of $1,796 and $1,831 turns to
support level.
• The price reached the high of $1,873 on
November 10.
• Since then, the price has been trading within
$1,873 and $1,831 levels.

7. XAUUSD Long-Term Trend: Bullish - I

8. XAUUSD Long-Term Trend: Bullish - II
• Gold is trading between the two EMAs which
indicate that the bulls’ momentum is decreasing
before the closing of Gold weekly market.
• The 9 periods EMA remains above the 21 periods
EMA. Gold price may reverse to downtrend
movement provided the support level of $1,831
is broken downside, price may decline to $1,796
and $1,750 levels.
• In case the bulls defend the support level of
$1,831, the price may break up $1,873 level and
increase to $1,908 and $1,959 levels.

9. XAUUSD Medium-Term Trend:
Bearish
• Gold is on the bearish movement on the 4-hour
chart. The bulls pushed the white metal to test
the resistance level of $1,873 on November 16.
• A chart pattern like Head and Shoulder appear at
the just mentioned resistance level.
• The resistance level holds and the price is
reversing.
• The price is declining towards the support level
of $1,831.

10. XAUUSD Medium-Term Trend:
Bearish - I

11. XAUUSD Medium-Term Trend:
Bearish - II
• The price is trading below the 9 periods EMA
and 21 periods EMA as an indication of
bearish market.
• The Relative Strength Index period 14 is below
40 levels with the signal line pointing down to
indicate sell signal.

12. XAU/USD Recaptures $1,860 Amid
Cautious Optimism
• Gold bulls are showing up in Asia as
trading starts to pick up.
• US dollar is also making tracks across the forex
board as traders await keynote speeches from
central bankers.
• Gold price is looking to reverse Thursday’s
drop, as it flirts with daily highs above $1,860,
shrugging off the advance in the US dollar and
the Treasury yields.

13. XAU/USD Recaptures $1,860 Amid
Cautious Optimism - I
• The market mood remains cautious amid China’s
indebted property sector woes and looming risks
of faster monetary policy tightening to combat
inflation.
• Investors rush to hold the traditional safe-haven
gold ahead of US President Joe Biden’s
announcement of the new Fed Chair, with Lael
Brainard running for the top job alongside the
incumbent Jerome Powell.
• Meanwhile, a slew of Fedspeak will keep the
traders entertained as the week draws to an end.

14. XAU/USD Recaptures $1,860 Amid
Cautious Optimism - II
• The US dollar is also pushing higher after it
took a breather overnight and drifted back
from the 16-month highs scored earlier in the
week.
• The dollar index DXY which measures the
currency against a basket of six rivals reached
its highest since mid-July 2020 on Wednesday
at 96.226, but was last trading back at 95.600.

15. XAU/USD Recaptures $1,860 Amid
Cautious Optimism - III
• Markets are now in a state of apprehension
over risks of stagflation which makes gold the
perfect hedge but also underpins the
prospects of a stronger dollar.
• The move in the greenback has been so far
fueled by diverging central bank tightening
expectations amid surging inflation around
the globe.

16. XAU/USD Recaptures $1,860 Amid
Cautious Optimism - IV
• This week's US Retail Sales beat expectations
on the heels of last week's inflation surprise
which led to the surge.
• Additionally, in Europe, meanwhile, COVID-19
is surging again, car sales slipped for a fourth
consecutive month and central bankers are
vowing to hold rates low.

17. Focus On Central Banks
• Meanwhile, the focus will be on central bank
speakers, with European Central Bank
President Christine Lagarde at 0830
GMT, Bank of England economist Huw Pill at
1200 GMT and Federal Reserve officials
Christopher Waller and Richard Clarida at
1545 GMT and 1715 GMT.

18. Focus On Central Banks - I
• Next week we will see just how hawkish the
Reserve Bank of New Zealand is when they
decide on their OCR.
• However, local markets could be setting
themselves up for some real disappointment if
we “only” get a 25bps hike.
• This could lead to yet another surge in the
greenback and ultimately weigh on gold
prices.

19. Gold Spot / U.S. Dollar

20. Thanks for listening
Gold (XAUUSD) Price May Bounce
Off $1,873 Resistance Level

21. Gold (XAUUSD) Price May Bounce
Off $1,873 Resistance Level