GOLD_115 2024.11.07 09:17:05 Trading Signal BUY

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FrankPro Signal for GOLD_115

Type: Screen
Signal: BUY
TP: 2710.205
SL: 2649.32
Entry Price: 2660.39

Analysis for GOLD

Forecast Overall(Short-Term, Long-Term): ST=Probably Up LT=Probably Down

Forecast Methods(Short-Term, Long-Term):
[Method0] ST=Up LT=Down
[Method1] ST=Down LT=Down
[Method2] ST=Up LT=Up


Analysis Method(0)

Based on the provided analysis, here is my assessment of the expected price movement for XAUUSD (Gold) as of November 7, 2024:

**Short-term Analysis (next few days/week):**
The price is expected to go **UP**. The analysis suggests that the short-term uptrend has reversed, indicating a potential shift in the market, and analysts expect an attempt to develop a bullish price correction before a possible continuation of the fall. Additionally, moving averages suggest a short-term bullish trend.

**Long-term Analysis (next few weeks/months):**
The price is expected to go **DOWN**. The analysis mentions a fall scenario with a target below the 2525 level, and a breakout above the 2745 level would be needed to cancel this scenario. The expectation to test the resistance level near the 2685 area, followed by a potential downward rebound, also supports a long-term bearish outlook.

Please note that these assessments are based on the provided analysis and are subject to change as new data and market developments emerge.

Result: [Method0] ST=Up LT=Down


Analysis Method(1)

Based on the analysis, here are my predictions for the XAU/USD (Gold) price:

**Short-term (next few days to a week):**

* The price is expected to go **down**. The technical indicators are in the negative territory, and the pair has broken below the bullish 20 SMA, indicating downward momentum. The forecast suggests an attempt to develop a bullish price correction, but it is likely to be short-lived, and the overall trend is expected to continue downward.
* Target levels: $2,652.25, $2,638.00, and $2,615.65 (support levels)

**Long-term (next few weeks to months):**

* The price is expected to go **down**. The overall trend is expected to continue downward, targeting levels below $2,525 unless there is a strong breakout above the $2,745 level. The rising US Treasury bond yields and the strong US Dollar following the presidential election are likely to maintain downward pressure on gold prices.
* Target levels: below $2,525 (unless a strong breakout above $2,745 occurs)

**Key levels to watch:**

* Resistance levels: $2,686.70, $2,698.70, and $2,714.90
* Support levels: $2,652.25, $2,638.00, and $2,615.65
* Breakout level: $2,745 (if broken, could indicate continued growth above $2,795)

Result: [Method1] ST=Down LT=Down


Analysis Method(2)

Based on the provided analysis, here is my assessment of the expected price movement for the XAUUSD (Gold) pair:

**Short-term analysis (next few days to a week):**

* The price is currently testing the area between the signal lines, indicating pressure from buyers and potential continuation of growth from current levels.
* There is an expectation for an attempt to develop growth and test the resistance level near the 2685 area.
* However, a downward rebound and a continuation of the fall in the price of gold with a potential target below the 2525 level is anticipated after testing the resistance level.

**Expected short-term price movement:** UP (testing the 2685 resistance level) followed by a potential DOWN (rebound and fall towards 2525)

**Long-term analysis (next few weeks to months):**

* A breakout of the 2745 level would cancel the fall scenario, indicating continued growth with a potential target above the 2795 level.
* The Elliott Wave Analysis suggests that the current trend could change on a daily basis, indicating potential for a longer-term reversal.
* Market drivers such as the EUR/USD exchange rate, U.S. inflation rates, and interest rates will continue to influence the gold price.

**Expected long-term price movement:** UP (potential breakout above 2745 and continued growth towards 2795) or DOWN (if the 2745 level holds and the price falls below 2625)

**Overall assessment:**

* The short-term price movement is expected to be volatile, with an initial upward movement followed by a potential downward rebound.
* The long-term price movement is uncertain and will depend on various market drivers and technical levels.
* Traders should be cautious and monitor the price action closely, as the trend can change quickly.

Result: [Method2] ST=Up LT=Up