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Gold prices rose more than 1% on November 19, indicating that defensive capital flows began to return ahead of the release of the Federal Reserve meeting minutes and delayed U.S. employment data. Gold remains a safe haven when markets lose certainty – which explains why buyers are starting to regain control.
Looking at the chart, the price is approaching a major downtrend line, and sellers have begun to weaken significantly in this area. Each downward wave towards 4,000 will be strongly absorbed, forming a solid support area. The convergence of EMA 34 – 89 indicates the possibility of an imminent breakout.
The most likely upside scenario at the moment is a minor pullback to 4,000 before prices rebound towards the 4,100 area. If gold can break above the downtrend line, it could head towards 4,140 – 4,180.
In short, XAUUSD is leaning towards an uptrend in the short term, with clear support from the news and technical structure, with buyers having a real chance to regain control of the market.
