Gold Price Analysis: XAU/USD bounces from a long-held support
|- Gold again defends the long-held support at $1,850.
- A bull revival needs a close above the Nov. 6 high.
Gold is currently trading above $1,865, having printed lows near $1,850 on Thursday. That level offered support multiple times in the second half of September and earlier this month.
As such, $1,850 is the level to beat for the bears. A breakdown would validate the big bearish engulfing candle created on Nov. 6 and open the doors to the psychological level of $1,800.
Alternatively, a close above the Nov. 6 high of $1,965 is needed to revive the broader uptrend. The yellow metal is up 23% this year.
Daily chart
Trend: Bearish below $1,850
Technical levels
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