Technical Analysis: XAUUSD

XAUUSD plummeted by more than 2%

On Monday, XAUUSD fell sharply, with prices approaching the $2,610 mark. It ended down 2.39% at $2,619.53 per ounce.

The USDX hit a four-month high again

On Monday, the USDX hit a four-month high again, reaching an intraday high of 105.709. It ended up 0.524% at 105.5.

Gold ETF holdings decreased

As of November 11, the world's largest gold ETF, SPDR Gold Trust, held 871.97 tons of gold, a decrease of 4.88 tons from the previous trading day.

Technically speaking, the bearish market trend prevailed in the short term

the Chart of the Day 

On the chart of the day, XAUUSD fell sharply from its highs. The bearish market trend prevailed in the short term. In terms of technical indicators, KDJ fell after a high-level death cross, showing XAUUSD will fall further. Investors should focus on whether XAUUSD will break through the support at 2600. It will fall further with potential support at 2550 if it breaks below 2600.

4-hour chart

On the 4-hour chart, XAUUSD was prone to fluctuation and declined. The bearish market trend prevailed. In terms of technical indicators, MACD fell after death cross, showing that the market trend is bearish. Investors should focus on whether XAUUSD will break through the resistance at 2643. It will fall further if it rebounds but is capped at 2643.

Key resistance: 2643,2675

Key support:2600,2550

Generally speaking, affected by the strong rise of the USDX, XAUUSD is more likely to fall in the short term. Investors should focus on the results of the the speeches of Fed officials during the day.