Gold Price Analysis: XAU/USD holds onto losses, hovering around $1775

Gold is falling for the second day in a row on Monday. It bottomed at $1764/oz, the lowest level in five months and then rebounded but it was unable t  |  30/11/2020 16:30
  • Gold in ranges between $1780 and $1765.
  • Yellow metal about to post lowest daily close in five months.

Gold is falling for the second day in a row on Monday. It bottomed at $1764/oz, the lowest level in five months and then rebounded but it was unable to remain above $1780. As of writing, the metal trades at $1778, about to post the lowest close in five months.

During November, XAU/USD lost almost 6% having the worst month since 2016. It extended the bearish correction from record highs levels for the fourth consecutive month.

The slide took impulse after breaking under $1850 and it still has not found a strong support. A recovery above $1800 could point toward an interim bottom.

From a technical perspective, the short-term trend still points to the downside. Many indicators show oversold readings but no signs of a correction are seen at the moment. Under $1765, the next target stands at $1750. On the upside, the $1795/1800 is the key barrier, followed by $1818 and $1845.

Technical levels

 

 

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