Gold GOLD PRO WEEKLY, November 07 - 11, 2022

Greetings everybody,

So, Gold mostly has completed necessary bullish targets. Downside channel is broken, price has formed bullish reversal swing and completed the minimal 1730 target. Take a look above - Andreas provides interesting EW analysis of the Gold. Now he suggests deep drop, almost back to previous lows to 0.786-0.88 minor Fib levels range.

I do not know whether it will be so deep action, but, in general, since price stands at K-resistance and Overbought area, and after bullish reversal swing, 5/8 pullback is possible. Besides, we think that recent action is overreaction with big degree of emotions. This actions usually are not very reliable and stand under risk of reversal.

Anyway, as market stands at strong resistance area - it is not good choice for taking new long position:
gold_d_11_11_22.png


On 4H chart you could see Fib Levels tree, and 1675$ agrees with the border of the channel. In current situation the pullback to 1700 K-support area seems most common reaction:
gold_4h_11_11_22.png


On 1H chart market has XOP around $1770 that probably should be done before pullback starts. If you would like to take scalp short position - wait for XOP completion and appearing of clear bearish reversal pattern:

gold_1h_11_11_22.png
 
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