A W-shaped pattern is emerging, indicating a bullish outlook.

Nov 12

#XAUUSD GOLD XAUUSD

Gold prices trended downwards during the Asian session, leading many to believe the market has begun to reverse. However, I disagree. As I clearly stated yesterday, as long as the key support level of 4075 is not broken, we will maintain our bullish outlook, and we will continue to follow this strategy today.

From the hourly chart, gold prices are showing signs of forming a W pattern. If the neckline is broken, gold prices will continue to rise, testing the 4150-4160 range. A strong breakout could see prices reach 4180, or even 4200.

Nov 12

Note

Nov 12

Trade active

#XAUUSD

The bullish outlook remains solid. Short-term support levels to watch are 4122-4117. If gold prices fall back to this level around, consider buying gold again.

Nov 12

Trade closed: target reached

#XAUUSD

Gold prices surged in the NY session, confirming a W-shaped pattern and breaking the neckline, currently reaching a high of around 4172. When the market consensus was bearish, we remained firm in our bullish stance.The final result perfectly matched my prediction for gold's price movement today, and it further strengthened our bullish confidence.

The market is currently experiencing strong upward momentum, so do not blindly chase the rally. Instead, patiently wait for the market to pull back to support levels before going long. In the short term, pay attention to the 4145-4130 range. If it pulls back to this range, we will consider going long on gold.

Nov 12

Note

#XAUUSD

Gold prices have continued to rise in the short term due to news, but this has not provided a suitable entry point for bulls. Therefore, we have maintained a wait-and-see attitude for the past hour or two. Currently, the positive factors continue to have an impact. If gold prices fail to pull back tonight and instead rise directly to the previous high of 4250-4260, then we can consider shorting gold with a small position near that range.📊