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Gold’s weekly outlook: Oct 30- Nov 03

TVC:GOLD   CFD untuk Emas (US$ / Auns)
Gold fell nearly $20 in the past week before settling for cuts of under $10. This was largely on the anticipated lines since there was no trigger for the gold prices to change course. The recovery from $1262s yet again shows buying at lower levels and it provides an outside chance for the bulls to recoup the losses. There is a big event in America next week with regards to Fed body which will drive the prices on either direction. Gold is still directionless as it mirrored the weekly move made earlier. There is a possibility that a double bottom or a cup and handle pattern has been formed which suggests cautious bullishness.

In the chart –

Gold fell back much lower to retest the bottom made at $1261. It closed significantly higher mirroring the move it made 2 weeks before. Such a bounce back from lows again suggests the yellow metal might be close to bottoming out or has bottomed out. Though gold is still split between the 2 parties but bullishness is creeping in the sight. We have 2 scenarios –

1. Gold’s recovery from lows suggests prices are finding buying at lower levels and are not ready to collapse yet. If this trend continues gold can head higher to $1284 once the support at $1271 is held upon. And if the prices takeout this resistance it can even climb higher to $1297 which is a strong decisive point on the chart.

2. Gold continued its downtrend and added to the losses after rejecting the resistance at $1280s. If this is to be followed gold can fall to test $1261 yet again. If this support is breached on the 3rd attempt gold can further slide to the supports at $1248.

Bullish view – Bulls were out of the picture but made their mark as they helped the prices go higher above the support at $1271 on the closing basis from the lows of $1261s. This was a mirrored move and suggests a bullish tone in the prices going ahead. For the prices to rise the support must hold.

Bearish view – Bears kept eroding the price to the lows of $1262s but failed to close below the support at $1271. This was a 2nd failed attempt which suggests their run might be coming to an end. To keep the bearishness intact price must break the support at $1261-$1263 which will open up further lows.

On larger terms, Gold remains sideways with a mild positive bias. Prices are expected to be range bound unless a direction is decided.

Possible trades are on both sides, Gold can be bought above $1278 for the targets of $1284 and $1297 with a stop loss placed below $1268.
Gold can be sold below $1268 for the targets of $1261 and $1248 with a stop loss placed above $1278.
Komen: Trade Active
Komen: First bullish target met at $1284
Awsome nice fundamental break down. Nice technicals details.
Balas
vanimator TiltonKy
@TiltonKy, Thanks and you are welcome
Balas
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