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MULTIDIMENSIONALTRADER
Nov 3, 2021 6:51 PM

XAUUSD outlook Short

FX:XAUUSD240
Gold/U.S. DollarFXCM

Description

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Gold has dropped significantly today pre FOMC. We can see that gold is currently bearish and moving in a descending channel.

We captured the ride down from 1792.00 to 1760.00 earlier today, Now we are waiting for a retracement back to the 1778-85 area for re-entries.

Please check out our previous analysis.


Trend AnalysisChart PatternsWave Analysis
Comments
Mihai_Iacob
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great setup! Thanks
MULTIDIMENSIONALTRADER
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@OptimoomFX, Many Thanks!!
Dirgenci
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good breakdown
MULTIDIMENSIONALTRADER
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@Dirgenci, Thanks!
Cronosus
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I have the same set up as well
MULTIDIMENSIONALTRADER
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@Cronosus, 👍 lets hope it plays out. Good luck!
MartinSchnellmann
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I dont think that we go down, its over
MULTIDIMENSIONALTRADER
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@MartinSchnellmann, probably not right away. But still expecting Gold to target 1754, 1720 and 1707 zones in the coming weeks.
MartinSchnellmann
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@MULTIDIMENSIONALTRADER, no, believe me, we change now, we have new moon today and gold change the direction now and make a new cycle, next year we will see a new ath, but then we go in a big correction to 800 until 1000 dollar
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