XAUUSD GOLD THE WAY I SEE THE SCENARIOS PANNING OUT
Confluences tells me that price should be heading down unless it decides to break the monthly channel, which was touched when gold reached
the price of 2075. I think "fake-outs" or a retest could be possible to the upside, having price reach 2000 and could wick as high as 2075. Though, of two accounts of gold reaching its channel's resistance, it only touched once and moved to the downside as seen on higher timeframes. A retouch of gold's channel for a second time within one-year will be its first time, but I don't think the FED will allow dystrophy to augment the flow of their assets.
the price of 2075. I think "fake-outs" or a retest could be possible to the upside, having price reach 2000 and could wick as high as 2075. Though, of two accounts of gold reaching its channel's resistance, it only touched once and moved to the downside as seen on higher timeframes. A retouch of gold's channel for a second time within one-year will be its first time, but I don't think the FED will allow dystrophy to augment the flow of their assets.
Comment:
Price has progressed to the downside. Markets are in a stabilization period, and XAUUSD is definitely one of them. I see gold consolidating between 1794-1818 just like it did back in July as well as other markets and their key areas until further direction is confirmed.