Gold (XAUUSD) - Prices trading in a consolidated range

Gold (XAUUSD) - Prices trading in a consolidated range

Prabjeet Singh
14 Nov 2019 04:54 PM
Analysing daily chart of gold prices, we observe that after a rally in the prices, there was a pause in the rally and prices started consolidating in a downward sloping box range in the past few months connected by the downward sloping upper and lower trend lines. The prices recently took support at the $1445-mark on the lower trend line. We also notice that a doji candlestick was formed by the price action yesterday so an indecision on prior fall was created in the market. Also, yesterday’s candlestick formed by the price action gave a close above the close of the doji, giving a confirmation for the prices to move higher. As the candlestick formed by the price action yesterday was bullish, the prior fall has been arrested and the prices are gradually inching higher.

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