Hey, traders. Midterm election in US has been started.
Because of that, the market including Gold had big movement.
Let's check quickly.
We can see
1. the price is breaking the short-term descending channel.
2. overlapped resistance on 1725.00.
3. the price is making small box pattern between 1615 ~ 1725
We should check
Thursday - US Core CPI (MoM) (Oct), US CPI (YoY) (Oct), US CPI (MoM) (Oct), US Initial Jobless Claims
Friday - Bristain GDP (MoM), German CPI (YoY) (Oct)
We can expect
1. the price keeps jumping up to 1780 ~ 1800
2. the price falling by resistance to 1615 while making small box pattern.
In the chart, price has been breaking the short-term descending channel and this means short position is no longer to powerful as it was.
We cannot persist in short position and should think about long position.
To have long position, gold should break the resistance on 1725. (For that, we have to check the US CPI.)
But, otherwise, we can see the small box pattern and have short position from 1725 to 1615.
In this case, we should wait till the price reaches 1615 to have long position.
Let's see how it moves.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
Because of that, the market including Gold had big movement.
Let's check quickly.
We can see
1. the price is breaking the short-term descending channel.
2. overlapped resistance on 1725.00.
3. the price is making small box pattern between 1615 ~ 1725
We should check
Thursday - US Core CPI (MoM) (Oct), US CPI (YoY) (Oct), US CPI (MoM) (Oct), US Initial Jobless Claims
Friday - Bristain GDP (MoM), German CPI (YoY) (Oct)
We can expect
1. the price keeps jumping up to 1780 ~ 1800
2. the price falling by resistance to 1615 while making small box pattern.
In the chart, price has been breaking the short-term descending channel and this means short position is no longer to powerful as it was.
We cannot persist in short position and should think about long position.
To have long position, gold should break the resistance on 1725. (For that, we have to check the US CPI.)
But, otherwise, we can see the small box pattern and have short position from 1725 to 1615.
In this case, we should wait till the price reaches 1615 to have long position.
Let's see how it moves.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
