Gold continues to trade within the ascending channel of the 4-hour chart. XAU/USD has been consolidating since the end of last week as prices struggled clearing the 1800 – 1808 inflection zone. A breakout under the channel exposes the 100-period SMA, which could pivot prices back higher. Clearing the inflection zone exposes the September high at 1834.
Short term Entry: 1790 TP1: 1810 TP2: 1830 SL: 1780
Once we hit supply, I believe this to be a good entry for a sell.
Good luck!
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I believe that despite recent excitement we will continue to rise throughout November and December as feds start to taper.
I will post some more charts in the near future providing more specific possibilities.
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Maybe a little later that shown, but supply has been reached. Whilst there might be some more up movement this week, prepare for short.