In the previous analysis, we wrote that the global ounce would be in a downtrend until November 10. Now, time will favor the buyers. We also expect that until November 19, buyers will have the opportunity to push the price of gold higher. We’ll have to see how much the price increases by the mentioned date!
My initial forecast targets around $4,150, but nothing is certain.
My initial forecast targets around $4,150, but nothing is certain.
Trade closed: target reached
Gold, based on time cycle analysis, has the opportunity to move upward until November 19.The resistance level we had anticipated for this rise was $4,150, and today it reached $4,148.
The buy position is now closed.
It seems that, according to the time cycles, gold may not reach higher levels.
However, I don’t forget that nothing is certain.
Note
Gold quickly reached the resistance targets it had on its upward path.The shape of the candles formed shows that it no longer has the strength to reach higher targets within the remaining time,
so a pullback of gold toward 3900 seems more likely.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.