XAUUSD has made a new all time high today 2740$. It is continuously moving in a rising wedge chart pattern that is a bearish indication. XAU is facing rejection from the resistance trend line, The Corrections for XAU is pending, we might see XAU trading below 2600 in the month of November and december, it is due the impact of US election.It is highly risky if you're planning to open long positions from this point..
If you'll watch it over weekly timeframe you might found that it has made the cup and handle chart pattern, According to the height of the pattern. it has been pump that it suppose to pumping as per the height and breakout of that chart pattern.
There are chances that it will make new at 2760, but overall it is looking bearish for mid term..
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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.