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MauroF07

GOLD election

Gold Spot / U.S. Dollar (OANDA:XAUUSD)  
MauroF07 Updated   
OANDA:XAUUSD   Gold Spot / U.S. Dollar
Trend Analysis Chart Patterns
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trendanalysis chartpattern
On the daily timeframe it shows a long downtrend (Lower Lows and Lower Highs). Waiting confirmation when 3rd lower low is identified
1. Price might break through resistance line if price breaks the downtrend
2. Price might consolidate around resistance line and keep the downtrend
Comment:
On the 1st of November, the price was in a downtrend with two lower-lows (LL) and lower-highs (LH) identified. We were waiting for confirmation for a third LL, but it didn't happen.

SCENARIO 1: DAILY FRAME
-Instead on the 4th of November price formed a double-top on the daily chart around 1860.700.
Meaning that price can reach 132.000 area that can consolidate between 1932.000 and 1973.000

SCENARIO 2: 1H FRAME
- BUY: If price gaining momentum to break through resistance zone around 1915.000.
TP1:1932.644. TP2: 1973.682 SL: risk minimum possible.
- SELL: If price is rejected around resistance 1915.000 and falls back to support zone around 1862.000
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