XAU/USD Technical Outlook – 17, Nov

XAUUSD is declining gradually towards the upward-sloping trendline placed from November 3 low at $1,616.67 on a four-hour scale. The gold prices have kissed the 50-period Exponential Moving Average (EMA) at $1.770.50 after a corrective move. While, the 100-period EMA at $1,756.00 is firmly advancing, which adds to the upside filters.

Meanwhile, the Relative Strength Index (RSI) (14) has shifted into the 40.00-60.00 range from the bullish range of 60.00-40.00 amidst correction. This doesn’t reflect a change in secular trend but a loss in upside momentum cannot be ruled out.

Investors would like to play the correction by creating longs near the upward-sloping trendline. This could terminate short-term optimism in the US Dollar bulls.

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