Gold Futures ~ November TA Outlook (4H Intraday)

5 nov. 2023

GC1! chart mapping/analysis.

Note: TradingView chart B-ADJ adjusted for contract changes

Gold Futures holding bullish consolidation after epic rally since early October due to Middle East tensions triggering a "Flight to Safety" trade + institutional short covering.

Wait & see approach whether Gold will continue to climb higher within ascending parallel channel (green), or capitulate to refill the breakout gap, TBC.

7 nov. 2023

Note

GC1! break below lower range of ascending parallel channel (dashed green).

Looking for re-test of break (~1984) to validate/invalidate bearish move, otherwise straight-shot to 50% Fib (1970.9), as well as upper range of descending parallel channel (white) as secondary target.

200SMA + ascending trend-line (dotted light blue) could also act as strong confluence support with proven pivot bounces along trend-line.