Analysis of xauusd on 11/05/2023

Based on technical analysis, the Gold price is expected to receive support near the $2,014 level, which was touched on Monday. If the psychological mark of $2,000 is breached, we may see some selling pressure. The price could potentially fall towards the $1,980 zone and then the $1,970 horizontal support. If there is further selling, the outlook would turn bearish.

Conversely, the $2,040-$2,050 range may act as a strong barrier for the price. If there is buying pressure, the price could rise towards the all-time high of $2,078-$2,079 touched last Thursday. The momentum could push the price further and allow bulls to conquer the $2,100 mark.