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Wikiwicks
Nov 8, 2020 12:42 PM

GOLD respecting the uptrend, backed by BIDEN victory Long

GoldOANDA

Description

#XAUUSD (GOLD):

(1D):
The uptrend has resumed, thanks to technicals and also fundamentals, with Biden victory that resulted in a weaker USD.

Technically, the falling wedge break and retest played out as expected, also forming a HL double bottom, which gives a high probability for further upside movement.

However, after such a move, we want to see a retracement before jumping in any trade.

*(4H):
If we zoom in, we can clearly see that the price is a bit over-extended, with bullish structure that needs a new HL

*(1H):
Another zoom reverals that the price is currently slowing down in momentum, so a new bullish continuation pattern is what we want to see. If that won't form, we will wait for a pullback after 1970 resistance break.
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