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November 15, 2021

What Now For This Precious Metal?

Frank Cabibi

11/15/2021

A decrease in buyer and seller futures activity has gold relatively flat on the day for now. Price is down -0.11% after it appeared to have topped out at clean resistance in the $1860s.

Our outlook

It looks like gold may have to take a breather in the short term after a meteoric run from the lows of $1730s in October to now. Price has broken several resistance lines along the way, but after last Friday's COT report, institutions haven't done much since two weeks ago on both the buying and selling side. A decrease in volume could likely mean a pullback to support in the $1830s. This doesn't seem like the day to be long, but if price manages to test support, we would see a promising long setup.

Trade Setups

XAUUSD

Gold came up to the $1860s before topping at this resistance level. The last couple candles on the 1D chart look like there's some weakness to the upside for now, and the low-volume day may add to the short term bearishness. The $1830-40s look like where price could pullback and bounce from on this timeframe. Additional support lies below around $1814.

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