Gold Market Update on November 16, 2021:
- Closing yesterday's session, precious metal Gold ended the day with a bearish candle after 7 consecutive gaining sessions. Yesterday, after falling from 1868 to 1856 ($12), Gold price continued to retest the resistance around 1870, this is the 4th time in a row that the precious metal has failed to overcome this price range. My personal view still expects this precious metal to correct further than yesterday so it can continue to rally in the near future.
- Switching to the H4 time frame we can continue to sell down trading in the 1870-1845 range. This is also the price area where Gold is accumulating after the recent strong increase, if Gold continues to break through the resistance of 1870, 19xx will be the next destination of this precious metal.