2511 GOLD : a sideways movement inside the rectangle
Traders,
XAUUSD has some problem to breath the purple resistance zone. That would make a new start of wave 3 possible now. Meaning gold will keep going south in December.
Actually, this is normal after a 1/3- year - downtrend. Usually buyers try to get in a lower price to buy again while sellers still want to make a new low.
Assuming that a sideways movement is coming for GOLD in the following 1-3 months, 1243-1160 is the prize zone that gold will move between.
For the coming 2 weeks, Gold would probably run down again to break the green trendline which was our reason to long it and make tp2 hit with 190 pips from 1203.
Once the greenline is broken, will see gold to retest lower position than 1200 soon.
Less is more!
XAUUSD has some problem to breath the purple resistance zone. That would make a new start of wave 3 possible now. Meaning gold will keep going south in December.
Actually, this is normal after a 1/3- year - downtrend. Usually buyers try to get in a lower price to buy again while sellers still want to make a new low.
Assuming that a sideways movement is coming for GOLD in the following 1-3 months, 1243-1160 is the prize zone that gold will move between.
For the coming 2 weeks, Gold would probably run down again to break the green trendline which was our reason to long it and make tp2 hit with 190 pips from 1203.
Once the greenline is broken, will see gold to retest lower position than 1200 soon.
Less is more!
