After Selling sequence, relief should be on the cards

Nov 10, 2020

Irregular movements yesterday on the Short-term as Gold (Xau-Usd prices on my commentary) continues to Trade sideways within the #1,880’s belt / #1,892.80 Resistance and #1,869.70 Support on the Hourly 1 chart. If I can draw anything positive out of the yesterday’s session, is that Gold revealed the underlying Medium-term trend switch to - Bearish. I expect small correction on today’s U.S. opening and aggressive correction towards #1,900.80 pressure point. I had intention to Sell the market anyways (as it was clearly discussed on my yesterday's commentary) and I took some partly Profits out of yesterday's decline. One important difference though: the Daily chart #MA50 broke and for the first time in #5 sessions (November #5), Gold is testing it from below as a Resistance, which makes Gold Bearish on Short and Medium-term and only option for Gold to restore Bull trend is to break the #1,900.80 psychological barrier. Golden Cross on Hourly 4 chart aswell as all Technical rules are invalidated as Bearish rally is almost completed as I don’t need more calculations on Gold, as it should test #1,900.80 extension back to restore Bullish trend. Gold ignored Annual Low’s on DX and confirmed my statement that Gold lately is correlated with Stock markets and Bond notes. Stock markets started recovering the lost ground, as Gold should see capital moving away from it’s safe haven which will add Buying pressure as next week starts. On the other hand, Gold is bound to test #1,750.80 within #2 Month period, as the Elections results are announced, Gold should follow it’s Technical course. Only hope for Buyers is Stimulus talks which have been mentioned on couple of occasions.