Gold: Bearish Correction Expected Before Potential Breakout

Oct 31

Technical Analyze:
The price continues to consolidate between 2,775 and 2,788, though a strong corrective move towards 2,758 appears likely. A bearish correction to 2,758 is anticipated before any potential breakout above 2,788.

Bullish Scenario: If the price breaks and stabilizes above the resistance at 2,788, it will likely continue upward toward 2,804 and 2,816, aligning with the next bullish target.

Bearish Scenario: Stability below 2,775 would support a bearish correction to 2,758. A 1-hour or 4-hour candle close below 2,758 would further confirm a downward move toward 2,738.

Key Levels:
Pivot Point: 2781
Resistance Levels: 2790, 2804, 2816
Support Levels: 2769, 2758, 2738

Trend Outlook:
Correction til 2769 or 2758
Above 2788: Uptrend
Under 2758: Downtrend

Oct 31

Trade active

GOLD Update

The price declined, reaching the bearish correction level of 2758 that we highlighted. After breaking this level, it dropped swiftly again.

Gold has now stabilized within the bearish zone. Should the 4-hour candle close below 2738, it is likely to reach 2720 and then 2712.