Chart the Market (11/06/2025)

XAUUSD, H4: 

Gold prices remain supported above their long-term uptrend line established since last December, reinforcing the broader bullish structure despite recent corrective moves. After forming a series of lower highs following its all-time peak at $3,499.97, gold has found renewed support near the $3,300.00 level and has broken out of its short-term bearish pattern—suggesting a shift back toward a bullish bias.  

Notably, gold is now trading within a narrow ascending channel, indicating a potential buildup of bullish momentum in the near term. While price action suggests strength, momentum indicators remain neutral. The Relative Strength Index (RSI) is hovering around the mid-50s, signaling a balanced market, and the Moving Average Convergence Divergence (MACD) remains close to the zero line without a clear directional bias.

As long as prices stay above the $3,300.00 support and within the upward channel, the technical structure favors a continuation of the uptrend. A breakout above the channel could confirm renewed bullish momentum, while a drop below support would signal increased downside risk.

Resistance Levels: 3353.00, 3405.00

Support Levels: 3295.00, 3216.80

USDCAD,  H4

The USD/CAD pair appears to have found support near the 1.3650 level, following a sustained downtrend from its yearly peak. Recent price action on the H4 timeframe suggests the potential for a bullish reversal, with the emergence of a bullish MACD divergence—price has been making lower lows while the MACD has formed higher lows. This divergence indicates weakening bearish momentum and may foreshadow a trend reversal in the near term.

However, the Relative Strength Index (RSI) remains below the 50 level, reflecting that bearish momentum is still present and caution is warranted. A decisive break above the previous high near the 1.3700 level would serve as a key confirmation of bullish intent and could open the door to further upside.

While technical signals are showing early signs of a shift in momentum, a confirmed breakout above 1.3700 is needed to validate a bullish trend reversal. Until then, the pair may continue to consolidate around current levels.

Resistance Levels: 1.3705, 1.3785

Support Levels: 1.3615, 1.3535