Gold's Next Move: Key Levels to Watch for Bulls and Bears

Nov 3

hello guys.

Let's dive into XAUUSD analysis!

Channel Support: Gold is currently trading within an upward channel, showing steady bullish momentum.

Correction Point: The price appears to be correcting, aiming to test the 50% retracement level of the last upward spike, around $2,721.50. This area aligns with strong support, often referred to as the "last hunting area."

Scenarios to Watch:

1. Bullish Scenario: If gold finds support at the $2,721 zone and reverses, it could rally back up to challenge the previous resistance near $2,770–$2,780, maintaining the bullish trend.
   
2. Bearish Scenario: A break below the $2,721 support could indicate a deeper correction, potentially targeting the lower boundary of the channel.
   

Nov 4

Note

The short term time frame analysis

Nov 5

Trade closed: target reached

#xauusd #gold
the short position hit the target area