{"id":6659,"date":"2024-11-15T10:23:28","date_gmt":"2024-11-15T10:23:28","guid":{"rendered":"https:\/\/alchemymarkets.com\/?post_type=market_insights&p=6659"},"modified":"2025-05-13T07:04:50","modified_gmt":"2025-05-13T07:04:50","slug":"gold-nov-2024","status":"publish","type":"market_insights","link":"https:\/\/alchemymarkets.com\/de\/education\/market-insights\/chart-of-the-day\/gold-nov-2024\/","title":{"rendered":"Gold Recovery Possible: 4H Falling Wedge with Bullish Divergence"},"content":{"rendered":"\n

Since the beginning of the month, XAU\/USD (Gold) has been seeing a decline of nearly 8.00%. This is the sharpest decline we\u2019ve seen on Gold all year, even going back as far as March and August 2020.<\/p>\n\n\n\n

This could be due to market expectations of a more pro-growth environment in the coming months, as well as Trump\u2019s isolationist \/ anti-war sentiment, which could contribute to the markets not feeling like they need to run towards gold as a safe haven.<\/p>\n\n\n\n

Classic Bullish Divergence and Falling Wedge on 4H Timeframe<\/h2>\n\n\n\n
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Currently, the price of gold is trailing just under the upper trendline of a falling wedge pattern<\/a>. This is a bullish reversal pattern, which has more weight when a bullish divergence is present in the chart. If broken out of, the price of gold may revisit the top of the wedge at $2,704.120. <\/p>\n\n\n\n

However, traders must be aware that not all falling wedges break out towards the upside, nor will price revisit the top of the falling wedge every time. So caution is advised.<\/p>\n\n\n\n

Key Levels to Watch on XAU\/USD (Gold)<\/h2>\n\n\n\n
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Several key levels come to mind for Gold. Depending on how the falling wedge breaks, we could visit lower price zones at support, or revisit higher prices at resistance.<\/p>\n\n\n\n

The upper trendline resistance is currently where Gold is struggling, at around $2,650 to $2,655. A rejection from here could allow Gold to revisit its lower trendline, or potentially form a double bottom at the September 2024 Pivot Support area of $2,540 – $2,555.00.<\/p>\n\n\n\n

Support<\/strong><\/td>Price zone<\/strong><\/td><\/tr>
Lower Trendline Support<\/td>$2,520 region<\/td><\/tr>
September 2024 Pivot Support<\/td>$2,540 – $2,555<\/td><\/tr>
August 2024 Pivot Support<\/td>$2,470 – $2,485<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n

Conversely, a breakout and close above the upper trendline could result in higher prices in coming days \u2013 with the falling\u2019s wedge price target being at $2,704.120.<\/p>\n\n\n\n

Resistance<\/strong><\/td>Price zone<\/strong><\/td><\/tr>
Upper Trendline Resistance<\/td>$2,650 region<\/td><\/tr>
October 2024 Pivot Support<\/td>$2,605 – $2,620<\/td><\/tr>
Falling Wedge Price Target<\/td>$2,704.120 region<\/td><\/tr>
Oct Nov S\/R Flip Zone<\/td>$2,705 – $2,720<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
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