FX.co ★ Trading plan for Gold on November 15, 2022

Technical outlook:

Gold prices rose through a fresh intraday high at $1,784-85 on Tuesday before pulling back. The yellow metal is seen to be trading close to $1,775 at this point in writing as the bears remain inclined to drag prices lower towards $1,747 at least. Please be aware that prices could test $1,807 to complete the expanded flat corrective structure, before turning lower again.

Gold prices have printed another high at the $1784-85 mark with a strong bearish divergence on the RSI as seen on the 4H chart here. Furthermore, prices are close enough to the Fibonacci convergence around the $1,770-75 zone discussed earlier. A high probability remains for a bearish reversal from here and a break below $1,747 will add further to our confidence.

On the flip side, if Gold prices sustain around current levels, it could open the door for gold to push through the $1,807-10 levels in the near term. The possibility also remains for a push through $1,820-30 before turning lower again. Looking at the larger wave structure, the metal is a good case to be sold on rallies from here on.

Trading idea:

Potential bearish reversal against $1,830

Good luck!