Reversal in Gold extended and due for a pullback

5. Nov. 2022

Gold broke out of the 1644 minor support region and fell towards the 1621 key support region, as per what we analysed in our previous post.

The extended bearish momentum (in the lower time frame) which began from 1679 resistance region towards the 1621 key support region provided an opportunity to take a long position which I personally took.
The price reversal from the key support region was of strong momentum which is now extended and due for a retracement / pullback.

Gold continues to trade in consolidation. The lower time frame consolidation is between 1621 and 1679 region. A breakout confirmation of the 1621 can push price further especially if the Dollar continues to appreciate while a breakout confirmation of the 1679 can push price towards 1730.