Gold weekly summary and forecast 11/2/2024
As expected in my last week's forecast, gold indeed touched upper end of the channel and dropped quickly and closed the week with a red candle.
I expect a few weeks' selling session is coming, if the channel is broken next week.
From 2d TF, bearish trend is not confirmed yet. I expect a head-shoulder pattern to form next week. So Monday we may see a quick drop to 2720 and reverse from there.
We could see a drop from 2760 on Wed onwards and close the week with strong red candle. Next week's low will be at least 2678.
Let's see what the market will give us.
Happy weekend and happy trading to all.
I expect a few weeks' selling session is coming, if the channel is broken next week.
From 2d TF, bearish trend is not confirmed yet. I expect a head-shoulder pattern to form next week. So Monday we may see a quick drop to 2720 and reverse from there.
We could see a drop from 2760 on Wed onwards and close the week with strong red candle. Next week's low will be at least 2678.
Let's see what the market will give us.
Happy weekend and happy trading to all.
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