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Trading signal for GOLD (XAU/USD) on November 24 - 25, 2021: buy above $1,781 (2/8)

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The 10-year US Treasury bonds earned a monthly yield of about 1.7%. This data caused investors to stop taking refuge in gold, for which it suffered heavy losses and broke through the psychological level of 1,800.

There is an inverse correlation between US Treasuries and gold. Investors now prefer to invest in the US dollar as there is a strong probability that the interest rate will be raised next year. A pullback in Treasury yields could favor gold.

The 1,781 area represents strong support for gold. On previous occasions, as you can see on the chart, it has been bouncing around this level and has given it a bullish movement. As long as the price remains or consolidates above this level, we may have an opportunity to buy in the next few days.

The 2/8 murray level means the market is heavily oversold. As gold is testing this level, we think it will be a good opportunity to buy as long as it holds or bounces around 1,781.

On November 23, the eagle indicator and reached the extreme oversold level around 5-points. Consequently, gold is expected to rebound above 1,781 with targets towards 3/8 murray in 1,796 and up to the 200 EMA at 1,812.

Our trading plan for the next few hours to buy gold as it consolidates above 5/8 murray with targets at 1,796 and through 1,812. The eagle indicator is showing signs of a technical rebound, which confirms our bullish strategy.

Support and Resistance Levels for November 24 - 25, 2021

Resistance (3) 1,812

Resistance (2) 1,806

Resistance (1) 1,793

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Support (1) 1,776

Support (2) 1,763

Support (3) 1,750

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A trading tip for GOLD for November 24 - 25, 2021

Buy above 1,781 (2/8) with take profit at 1,796 and 1,812 (EMA 200), stop loss below 1,775.

The material has been provided by InstaForex Company - www.instaforex.com

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