I am sharing the technical analysis of #xauusd for the week starting 29 November 2021. I’m using the following indicators:
First off, I start my technical analysis with the weekly chart time frame then I scale down to M15.
I love Investment Castle indicators, we all love Investment Castle indicators
The price is still bound by a raising channel in the Weekly time frame and close to the bottom edge of the channel time frame.
To ensure that the price will not breakout the bottom edge of the raising channel, we need a confirmation or futher analysis using lower time frames D1, H1 / H4.
In H1 chart time frame, the price is exactly at the bottom edge of the H4 raising channel and at H4 support / demand zone.
Now, we should expect a pullback from this level following the price action and Elliot waves. However, let’s go down further for further confirmation and see M15 time frame.
As you can see, the price is a strong resistance and M15 channel now has changed to raising channel.
Therefore, I’m expecting a bullish rally from this level. I’d say that the price could reach 1864 (next resistance level).
This only applies when we see bullish candle(s) in the lower time frame. No matter what, you never ever fight the trend.
Leave your comment below, don’t forget to hit the heart and share my analysis. Peace.