GOLD ANALYIS REVIEW 1ST NOV 2023

1. Nov.

"Gold recently broke the trendline, but note that it did not close below its lows on the 15-minute timeframe. Many traders might have entered right after the breakout or retest, but it's crucial to confirm whether lows are actually breaking before taking any position. Currently, gold has broken our key order block and retraced for a possible retest or a buyer trap. I observed a rejection after gold broke a swing low, filling an imbalance/fair value gap (FVG), which led me to consider a long position. This trade carries a bit more risk since the momentum hasn't been as strong as with BTC, so I've opted for a smaller risk allocation."

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