XAUUSD Bullish (11/19/2023 to 11/24-/2023 prediction)

No new war tensions.Current status quo priced in.

Inflation data driving dollar bears from last week. We may see some dollar bulls come in briefly to restest some levels for better buy opportunities.

There are no new news events this week that will hold a strong economic impact.

I expect this week to be slow with the American holiday Thanksgiving this Thursday.


The week opened up with a little indecision before retesting 1970 during London’s Monday session. We can see slow bearish price movement to retest the 1965 or 1970 area before continuing to the upside.

Trade idea 1: Price Retest 1970 before gold bulls take over
Trade idea 2: Price retest 1965 before gold bull take over
Trade idea 3: Gold bulls take over right away and push towards 1997

Comment:

Trade idea 3 played out with no pullback before reaching around 2008 around the end of Tuesday's London session. Gold bulls took some profit in Wednesday's London session before climbing back up to the 1997 area where we closed out for the week.

Keep in mind it was Thanksgiving in the US, a federal holiday so trading was slow. Regardless, we still moved over 300 pips mostly from London and some Asian sessions.