Last week we saw bearish price action and market structure occur. Price ranged between 1270-1280 at the beginning of the week before breaking 1270 and then pulling back sharply before the end of the week. My long term analysis from last week attached below shows price starting to continue a downtrend.
This week could be somewhat unpredictable with the amount of fundamental events on the calendar to end this month and start November, we could see some volatility. The major areas for this week to watch for me would be 1280 as resistance and 1260 as a major support which was made off a bounce from last month NFP results if I'm not mistaken. So to determine further price direction a clean break of one of these areas would be confirmation.
Surely its possible for it to happen this week as there are many high impact fundamental events including interest rate decisions by the FED (USD) and BoJ (JPY) which will have a huge impact on Gold. Also its NFP on Nov 3 which again will rock the USD and then there are other major events for CAD, GBP and AUD. Trade Safe!
This week could be somewhat unpredictable with the amount of fundamental events on the calendar to end this month and start November, we could see some volatility. The major areas for this week to watch for me would be 1280 as resistance and 1260 as a major support which was made off a bounce from last month NFP results if I'm not mistaken. So to determine further price direction a clean break of one of these areas would be confirmation.
Surely its possible for it to happen this week as there are many high impact fundamental events including interest rate decisions by the FED (USD) and BoJ (JPY) which will have a huge impact on Gold. Also its NFP on Nov 3 which again will rock the USD and then there are other major events for CAD, GBP and AUD. Trade Safe!
