#Gold Price Starts Correction,#US #CPI Next (14 NOV 2023)
Key Highlights
- Gold prices started a downside correction from the $2,010 zone.
- A major declining channel is forming with resistance near $1,945 on the 4-hour chart.
- Crude oil prices are attempting a recovery wave from the $75.00 zone.
- The US Consumer Price Index could decline from 3.7% to 3.3% in Oct 2023 (YoY).
Gold Price Technical Analysis
Gold rallied further and surpassed the $2,000 level amid the ongoing Israeli–Hamas war. The price traded as high as $2,009 before the bears appeared.
The 4-hour chart of XAU/USD indicates that the price started a downside correction below the $2,000 level. There was a drop below the $1,980 level and the 100 Simple Moving Average (red, 4 hours).
The price spiked below the 50% Fib retracement level of the upward move from the $1,867 swing low to the $2,009 high. The price is now consolidating near the $1,945 zone. There is also a major declining channel forming with resistance near $1,945 on the same chart.
Immediate resistance is near the $1,945 level. The first major resistance is $1,955. An upside break above the $1,955 level could send the price soaring toward the $1,965 resistance. The next major resistance is near the $1,972 level, above which Gold could test $1,985.
On the downside, the first major support is near the $1,938 level. The main support sits near the $1,920 level and the 200 Simple Moving Average (green, 4 hours). It is close to the 61.8% Fib retracement level of the upward move from the $1,867 swing low to the $2,009 high. Any more losses might call for a move toward the $1,900 level.
Looking at crude oil prices, the bulls appeared near the $75 zone and the price is now attempting a recovery wave.
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