Gold breakout, warned you about it

OANDA:XAUUSD   Gold Spot / U.S. Dollar
Hello everyone, as we all know the market action discounts everything :)

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On the 25th of October, i posted my analysis for the Gold market and warned you that the market seems to be getting ready for a breakout soon,

Today we see that result for that Analysis where the Gold market pushed from $1798 all the way to $1866 and this movement doesn't seem to be stopping yet.

Now let's see what are the Possible Scenarios for the market :

The market seems to be in a Bullish state after breaking the $1860 resistance level and looks like it will be going to the $1880 level soon, where we might see resistance from the Bears in hope to drive the market back down. in case the Bulls were able the breakout that $1880 level then the market value will reach the major resistance level at $1900 where the big battle will happen between the Bears and Bulls over control of the market.

Technical indicators show :

1) The Market is above the 5 10 20 50 100 and 200 MA and EMA (Strong Bullish Sign)
2) The MACD is above the 0 line which indicates a Bullish market with a positive crossover between the MACD line and the Signal line.
3) The ADX is at 19.58 nearing the trending phase of the market with a positive crossover between the DI+ (29.46) and DI- (13.59)

Weekly Support & Resistance points :
support Resistance
1) 1827.83 1) 1880.48
2) 1791.63 2) 1904.93
3) 1771.18 3) 1941.13

Fundamental point of view :

Gold price is snapping its week-long winning streak, as bulls take a breather ahead of Tuesday’s critical US Retail Sales release. Underlying surging inflationary risks and a dip in the US consumer confidence have added to the Fed’s dilemma on the timing of a potential rate hike, which renders positive for gold buyers. Meanwhile, upbeat Chinese economic data have lifted the overall market mood at the start of a fresh week, warranting caution for the gold price rally.
Meanwhile, U.S. Treasury Secretary Janet Yellen added that controlling COVID-19 in the U.S. will be crucial to easing inflationary pressures. The U.S. also releases retail sales data on Tuesday.

Across the Atlantic, inflation could fall slower than expected in the Eurozone, partly thanks to continuous supply chain bottlenecks. However, two European Central Bank policymakers warned on Friday that the central bank must not overreact by removing stimulus too quickly.

Although the Bank of England is set to become the first key bank to hike interest rates, whether the hike will come in December or in early 2022 has split opinion, according to a Reuters poll.

This is my personal opinion done with technical analysis of the market price and research online from Fundamental Analysts and News for The Fundamental point of view, not financial advice.
If you have any questions please ask and have a great day !!

Thank you for reading.