On Tuesday (November 20), spot gold reached a new short-term high of 1226.06 dollars/ounce, and now it is reported at 1224.6 dollars/ounce. At 1220, obvious support was formed, but the resistance above 1227 and 1240 was obvious. Although the mood improved, the upward momentum was still limited, and it was expected to fluctuate between 1220-1236.
Hourly K line chart, showing signs of acceleration
Gold hit a new high of 1226.06 in the short term, rising gradually after 1220 points of support were found in the day. The market is brewing a bull sentiment, which is expected to continue to rise. The market is waiting for events and data.
The daily line level has been positive for five consecutive days, and the upward trend has slightly weakened
The rising trend of the daily line level converges. The upper 1227-1243 area is an important resistance area, which needs a larger event or expectation to rise further.
The perimeter indicates that the bull is still suppressed by multiple moving averages
At the level of golden week, the MACD is positive, suggesting that the bulls are expected to continue, but the multiple moving average suppression indicates that the rise will not be smooth.
Resistance level: 1227; 1236； one thousand two hundred and forty-three
Support position: 1220; 1210； one thousand one hundred and ninety-six
