Well it looks like bear flag formation monthly chart....
First support in it is around 1045 area...
Next month candle opens in December....If fed hikes rate even 0.10%, Gold in that case can drop upto 977$.
Later there maybe also a second rate hike by U.S Fed Reserve Bank after the first one that's expected next month in December.
Next buying opportunity would be around 977$, possible upto 1044$ in a high demand scenario, else price by end of 2016 during U.S election time, price might go further down to 725$. As election stuff of U.S.A may boost $$$ demand :).
First support in it is around 1045 area...
Next month candle opens in December....If fed hikes rate even 0.10%, Gold in that case can drop upto 977$.
Later there maybe also a second rate hike by U.S Fed Reserve Bank after the first one that's expected next month in December.
Next buying opportunity would be around 977$, possible upto 1044$ in a high demand scenario, else price by end of 2016 during U.S election time, price might go further down to 725$. As election stuff of U.S.A may boost $$$ demand :).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.