BullBearMkt

Gold Weekly Forensic - Precious Metal Still Bullish

Long
OANDA:XAUUSD   Gold Spot / U.S. Dollar
We are entering critical week for US Presidential Elections & News will be a critical moving factor for all asset class, including gold . Looking at its weekly chart, gold still have bullish outlook, even though daily Corrections is looking more bearish . Also, gold is entering a bullish seasonality between November (especially December) - February.

We saw last trading week completing a L-H structure (7), before gold can become bearish on weekly, Swing Low at (3) needs to be taken out & not (6). A break below (6) towards 1800 with a price rejection gives better buying opportunity for a re-test of Swing-H at (5) or above.

For now, gold is still creating H-H, yet to break a low; however, showing slight weakness with the L-H recently formed. Overall weekly structure remains bullish .

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Comments

Your waves are incorrect
Reply
@RASHDAH, Sorry, those are not waves. Just numbering the swings.
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RASHDAH BullBearMkt
@BullBearMkt, Youv'e still numbered them incorrectly - or atleast placed at the wrong point
Reply
@RASHDAH, Could you spare me this & number your chart the "correct" way you want?

The numbers on my chart is to indicate the swing points. It's as simple as A-B-C
Reply
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