Follow up to our analysis for Gold on 31/10/2019 and 01/11/2019
today we have following technical levels to consider for our trades. As updated that the current market condition for Gold is in a corrective phase. The interesting side of the current corrective mode is that it could be both as contracting triangle and also flat. What type of a flat, we have to wait for further formation then we can arrive at the conclusion lately. Today we talk about the probable contracting triangle firstly.
So for the scenario of the current contracting triangle, the start of E leg is forming, but not confirmed yet for a final down side. We have a rejection at $1,519.65 USD/ounce and then it has been forming to lower highs at D1 and H8 TFs with but higher lows, which then yet a pattern of contracting triangle has been forming. Currently Gold is trading at this updated time around the $1,506.90 USD/ounce and needs to break down the $1,503.50, then we are expecting that a downside is confirmed for further lows.
Take your look at the H8 TF for more info:
For a short term trading, if you have not shorted XAUUSD at $1,514.xx in the yesterday trading session yet, then keep waiting for the price action breaks down the $1,503.50 price zoen, from there give XAUUSD intrady short; ake your look at the M20 TF for more info: