Hey guys.
Let's check the Gold chart for this week quickly.
We cas see
1. long-term box pattern has been broken.
2. the price is following the short-term descending channel.
3. resistance on 1680.
4. support on 1600.
5. bottom price of the descending channel is on 1500
We should check
Tuesday - German ZEW Economic Sentiment (Oct)
Wednesday - UK CPI (YoY) (Sep), EU CPI (YoY) (Sep), US Building Permits (Sep), Crude Oil Inventories
Thursday - China PBoC Loan Prime Rate, EU Leaders Summit, US Initial Jobless Claims, Philadelphia Fed Manufacturing Index (Oct), US Existing Home Sales (Sep)
Friday - UK Retail Sales (MoM) (Sep), EU Leaders Summit, ECB President Lagarde Speaks
We can expect
1. the price dropping to middle line of the descending channel on 1600.00.
2. by support on 1600, the price rebounds to 1680.
3. by resistance on 1680, the price drops to 1500.
3rd quater earning season has been started and it was positive to market.
But, gold price couldn't go upward because Fed's monetary policy is still strict.
Till end of this year, gold will be in bearish market following the descending channel.
We expect having short position right after breaking 1635 or from 1680 which looks like top price.
Let's see how the price moves and if we can have good trade.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
Let's check the Gold chart for this week quickly.
We cas see
1. long-term box pattern has been broken.
2. the price is following the short-term descending channel.
3. resistance on 1680.
4. support on 1600.
5. bottom price of the descending channel is on 1500
We should check
Tuesday - German ZEW Economic Sentiment (Oct)
Wednesday - UK CPI (YoY) (Sep), EU CPI (YoY) (Sep), US Building Permits (Sep), Crude Oil Inventories
Thursday - China PBoC Loan Prime Rate, EU Leaders Summit, US Initial Jobless Claims, Philadelphia Fed Manufacturing Index (Oct), US Existing Home Sales (Sep)
Friday - UK Retail Sales (MoM) (Sep), EU Leaders Summit, ECB President Lagarde Speaks
We can expect
1. the price dropping to middle line of the descending channel on 1600.00.
2. by support on 1600, the price rebounds to 1680.
3. by resistance on 1680, the price drops to 1500.
3rd quater earning season has been started and it was positive to market.
But, gold price couldn't go upward because Fed's monetary policy is still strict.
Till end of this year, gold will be in bearish market following the descending channel.
We expect having short position right after breaking 1635 or from 1680 which looks like top price.
Let's see how the price moves and if we can have good trade.
Thank you for reading and hope this insight was helpful.
Analyzed by Han.
