GOLD (XAUUSD): Waiting For Breakout 🥇

3 Nov 2022

Update for Gold:
as you remember, we spotted earlier that the market is trading within a major falling parallel channel on a weekly.

Analyzing a daily time frame, I spotted an inverted cup & handle formation.
1614 - 1622 is its neckline.

I believe that a trend-following movement will initiate soon.
To confirm that, I am patiently waiting for a bearish breakout of the underlined yellow area.
We need a daily candle close below that to confirm a breakout.

Then the market will drop at least to 1590.

But, for now, be patient, and wait for a breakout first.

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