XAUUSD D1
Is gold going to reverse now? My view is there is room for it to go lower before we could really see the reversal as there is another rate hike decision coming in Nov & Dec. based on the daily chart, there are a few possible scenarios,
1st: gold forms a double bottom around 1616/1615 then start to bounce, then possible to touch 1722 (potential neckline for W pattern), and breaking that we could see 1800/01
2nd: selling pressure continues and gold could get pushed down to 1591/90 (monthly level) and below that 1575. The dotted line could be the worst-case scenario for the price to fill up the monthly wick which could sit at 1518. However, I will only keep the dotted line in mind and focus on the above level for a long.
1st: gold forms a double bottom around 1616/1615 then start to bounce, then possible to touch 1722 (potential neckline for W pattern), and breaking that we could see 1800/01
2nd: selling pressure continues and gold could get pushed down to 1591/90 (monthly level) and below that 1575. The dotted line could be the worst-case scenario for the price to fill up the monthly wick which could sit at 1518. However, I will only keep the dotted line in mind and focus on the above level for a long.
Trade fermée: cible de profit atteinte
Target achieved at 1722.
Clause de non-responsabilité
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