GOLD TRADE IDEA 01 NOVEMBER

2022年11月1日Gold following the plan so far.

ever since the rejection from 1673-1675 area we are bearish bias, later also it has broken the red uptrend channel to the upside,

so in higher time frame as well lower time frame we are bearish bias.

later today we have ISM manufacturing PMI & JOLTS job opening at 7.30PM IST, we are expecting bad data today which may cause a short lived spike in gold.

New month starts so be aware of monthly rebalance of flow moves with main focus being the FED interest rate decision. Until then, high possibility of Ranging/aggressive pullbacks to set up better price points. Stay adaptive.

Trade setups for today,

Looking for short on pullback to 1642-1644 level targeting 1625,

Before FED interest rate decision announcement tomorrow , we might see some higher high in gold before aggressive selling to the down side,

So if gold breaks out from 1644-1645 and then back test these level forming double bottom , this will be a long opportunity targeting 1675-1680,

Any move below 1632-1633 is sell opportunity targeting 1615-1620,

1675-1680 zone still a big hurdle in higher time and out major resistance, we will be looking for sell entry after confirmation targeting - 1630-1635.