Baxia Markets
November 10, 2021

Gold looking promising with a four-day winning streak

technical analysis top header -01

The precious metal has managed to gain 3.5% in the last four trading sessions; while doing so, it broke three Fibonacci retracement levels at 61.8%, 50%, and 38.2%, meaning that the general trend is now upwards.

The Bollinger bands are wide, and the price is trading above the upper band, suggesting that the price is relatively high; the pair is finding resistance at $1,834, a previous high that has not been broken since mid-July.


Gold Nov 8th 2021

The relative strength index is at 61%, which is not overbought yet; we could see the price breaking the resistance in the short term as the pair gathers the necessary strength to do so. We recently had a golden cross at the end of October; investors started placing long positions and could start closing with profits soon, which will bring the price down for the short term.


We love to hear new ideas from traders and want to know what you think! 


If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.


Open Live Account  


Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. 


Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.

Subscribe by Email