Here is the market analysis on Gold XAUUSD for the coming week. It is a clear projection of what is mostly likely to happen on Gold from opening of the Market.
In Monthly timeframe we see a very stronger bullish October candlestick that has engulfed a September candle. This provide a general idea of expecting a continuation of price move to the upside in this month.
In weekly timeframe we see price trading above the horizontal support level that was resistance several times in the past. In this timeframe market is still promising continuation to the upside possibly strait from the current price level.
In daily timeframe the recent price move to the upside shows completion of the five wave move to the upside therefore there is high possibility of price correcting to the downside before it resumes with the main trend discussed in Monthly and Weekly timeframes.
In four hour timeframe price chart indicates that the possible correction discussed in daily timeframe has already began with the wave A and B being completed. Therefore, expect price to unfold in five waves to the downside immediate after opening of the market. Key levels for the downside movements are 1945 to 1915, from these levels start looking for possible buy opportunities.
In Monthly timeframe we see a very stronger bullish October candlestick that has engulfed a September candle. This provide a general idea of expecting a continuation of price move to the upside in this month.
In weekly timeframe we see price trading above the horizontal support level that was resistance several times in the past. In this timeframe market is still promising continuation to the upside possibly strait from the current price level.
In daily timeframe the recent price move to the upside shows completion of the five wave move to the upside therefore there is high possibility of price correcting to the downside before it resumes with the main trend discussed in Monthly and Weekly timeframes.
In four hour timeframe price chart indicates that the possible correction discussed in daily timeframe has already began with the wave A and B being completed. Therefore, expect price to unfold in five waves to the downside immediate after opening of the market. Key levels for the downside movements are 1945 to 1915, from these levels start looking for possible buy opportunities.