EDGE Chart of the Day – GOLD XAUUSD (December 4th, 2023)

<div><p><div><h2 itemprop="headline">Nasty reversal. Can it continue?</h2><div><div></div></div></div><br />
<section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>Last week we had <a href="https://www.forexanalytix.com/blog/chart-of-the-day-nov-27th-2023/">Gold XAUUSD as our chart of the day</a> and it ended up surpassing all expectations past the 161% extension above the 2060 level and even to new all time highs. However, that rally was short lived after the open as all short stops have been done (executed). Now, the risk is the gold market has completed an Ab=CD equal leg move and the risk is a close below the 2000 level “late longs” stops may come into view lower. Not to mention, there is a lot of time left in today’s candle. A bearish engulfing candle, or at least a bearish outside day will develop.</p>
<p><img fetchpriority="high" decoding="async" class="alignnone size-full wp-image-10994" src="https://www.forexanalytix.com/blog/wp-content/uploads/2023/12/XAUUSD_2023-12-04_10-24-04.png" alt="" width="1517" height="839" srcset="https://www.forexanalytix.com/blog/wp-content/uploads/2023/12/XAUUSD_2023-12-04_10-24-04.png 1517w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/12/XAUUSD_2023-12-04_10-24-04-400×221.png 400w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/12/XAUUSD_2023-12-04_10-24-04-800×442.png 800w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/12/XAUUSD_2023-12-04_10-24-04-768×425.png 768w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/12/XAUUSD_2023-12-04_10-24-04-1500×830.png 1500w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/12/XAUUSD_2023-12-04_10-24-04-705×390.png 705w, https://www.forexanalytix.com/blog/wp-content/uploads/2023/12/XAUUSD_2023-12-04_10-24-04-450×249.png 450w" sizes="(max-width: 1517px) 100vw, 1517px" /></p>
<p>Blake Morrow</p>
<p>Our EDGE <a href="https://www.forexanalytix.com/blog/category/technical-analysis/chart-of-the-day/">“Chart of the Day”</a> feature highlights standout technical analysis patterns and price moves. This type of analysis could be helpful if you are interested in our Trader Funding Program where you can also join an elite group of traders at Forex Analytix, <a href="https://traderfundingprogram.com/?ref=blake">click here to learn more</a>. Trade our money, take 75% of the gains and none of the risk.</p>
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</div></section></p></div><section itemscope="itemscope" itemtype="https://schema.org/BlogPosting" itemprop="blogPost"><div itemprop="text"><p>Blake Morrow</p>
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<p>The post <a href="https://www.forexanalytix.com/blog/chart-of-the-day-dec-4th-2023/">EDGE Chart of the Day – GOLD XAUUSD (December 4th, 2023)</a> appeared first on <a href="https://www.forexanalytix.com/blog">ForexAnalytix – Blog</a>.</p>