Gold Weekly Analysis

The decline from the August high appears to be over. The recent low should have ended the decline. If so, prices are in a weekly trading range, with the potential to rally within the trading range. At this point, on Wednesday 10-21-2020, prior daily and weekly price action has produced an "intra-month rally, intra-month correction, which has been followed by a renewed rally, for October, which has potential to rally further. Therefore, for forthcoming price action to remain bullish, the forthcoming price actions must conform to the appropriate sequences of price actions, for "waves of buying," to sustain the effort. Because there is never a guarantee about price action, because its analysis is a judgement process, entry points are critical to future profit potential. Additionally, stop loss orders must always be used. If all of the sequence requirements fall into place, from here forward, on a weekly basis, price action should remain bullish, and price action should create the potential, for forthcoming price action to either "retest" the August high, or instead, for prices to trade through the August high. We will see.