Gold analysis of Nov 2022 TF Week (short- to long-term)Gold made the triple bottom at 1618 in the past two months. Recently, the price has reverse to 1772 as the negative CPI data and the inflation rate is lower than expected. This price action confirms the end of Wave C.
Short-term analysis
After the gold price has a sharp rally over 100 usd in last week, it is expected to have correction next week from 1772 (wave 1 green), but still in an uptrend. However, it should not drop below 1680 (wave 2 green).
Tradi ng strategy:
Sell 1772-1802
TP 1766/1758/1747
SL set according to your margin (probably hit 1806)
Medium-term analysis
It is necessary to wait for a confirmation signal from a pullback to wave 2 green, which should not fall below 1680 (wave 2 green). Then, it would be great chance to open long/buy positions.
In contrast, if gold has pullback lower than 1680, it has a chance of a bearish reversal, which means that this strong rebound (at 1772) is just a market correction. It may result in the price of gold continuing to decline in the long term (red wave)
Long-term analysis
1st scenario, if gold keep it rising trend, the price action can made a new high (> 2070) following to green wave (5)
2nd scenario, if gold reverses to a downtrend, we might see great drop to 1302 following to red wave (5). Regard to the "Gold price prediction chart pattern" my long term analyzed on March 30, 2022 (see more detail in attached link).
