GOLD - Correction to TOP then FELL
Updated
Gold prices fell in the European market on Monday, continuing to move in the negative zone for the fourth consecutive day, within the correction cycle and profit-taking from the highest level ever, and under pressure from the broad rise in the levels of the US dollar against a basket of global currencies.
As strong labor market data in the United States led to a decline in the chances of the Federal Reserve cutting interest rates by 50 basis points in November, awaiting the release of the main inflation data for September later this week.
Generally, the direction is uptrend
Uptrend Side: The price is trading above 2,653, indicating a potential move to reach 2,662 and 2,670 before likely reversing.
Downtrend Side: The price is exhibiting a bearish trend; however, it will first make a corrective move upward before falling below 2,653. A break below this level, confirmed by the close of a 4-hour candle, will likely lead to targets of 2,638 and 2,625.
Tendency Keys: 2653
As strong labor market data in the United States led to a decline in the chances of the Federal Reserve cutting interest rates by 50 basis points in November, awaiting the release of the main inflation data for September later this week.
Generally, the direction is uptrend
Uptrend Side: The price is trading above 2,653, indicating a potential move to reach 2,662 and 2,670 before likely reversing.
Downtrend Side: The price is exhibiting a bearish trend; however, it will first make a corrective move upward before falling below 2,653. A break below this level, confirmed by the close of a 4-hour candle, will likely lead to targets of 2,638 and 2,625.
Tendency Keys: 2653
Trade closed: target reached
Target reached: about 200 pip
about 4 Analysis per day.
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With Clear entry point and target line with stopout zone
~900 pips per week —— Accuracy more than 88%
with best learning
Be Stronger With us
THANKS for your support
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