A move 0f 2.2% worth 366 pips.
Execution on 4HTF: Entry; $1659-$1653
SL: $1646.20
TP: $1692
Daily TF:
Prior to the lows Gold's double bottom formation formed on 28th September and 21st October respectively. I expect a buy momentum on Gold to $1693 with SL at 1646.5. If the rule violates, there's a possibility for a short into 1641.6 and a rejection into the buy market. NB: XAUUSD is currently trading in its demand zone. Also, according to the 19th and 20th October candle formation, i see ahigh demand on XAUUSD.
4HTF: There's a possibility for a market range as a result of the market's history on 16th September and 22nd September last month. The market can range between these limits ( $1687 and $1657.6) for sometime......Blue Box; which which is the range zone and also serve as a breakout region.
2HTF: There's a chance for t he market to collect orders and fill the spaces left to $1730, but there will be some rejections and turn overs.
All eyes on the breakout region.
NB: Red Box: rejection zone
Yellow Box: demand zone
Execution on 4HTF: Entry; $1659-$1653
SL: $1646.20
TP: $1692
Daily TF:
Prior to the lows Gold's double bottom formation formed on 28th September and 21st October respectively. I expect a buy momentum on Gold to $1693 with SL at 1646.5. If the rule violates, there's a possibility for a short into 1641.6 and a rejection into the buy market. NB: XAUUSD is currently trading in its demand zone. Also, according to the 19th and 20th October candle formation, i see ahigh demand on XAUUSD.
4HTF: There's a possibility for a market range as a result of the market's history on 16th September and 22nd September last month. The market can range between these limits ( $1687 and $1657.6) for sometime......Blue Box; which which is the range zone and also serve as a breakout region.
2HTF: There's a chance for t he market to collect orders and fill the spaces left to $1730, but there will be some rejections and turn overs.
All eyes on the breakout region.
NB: Red Box: rejection zone
Yellow Box: demand zone
