Gold Sell Signal Only Valid, If Market Breaks Below $1787/1780
In the H4 chart, gold is still in an uptrend. Next Thursday, the USA will publish its quarterly advanced GDP report. Unfortunately, the report forecasted slower than the last report. Usually, October was not a good month for gold for many years, and we have been watching it. But this year, it didn't happen.
So, if this and next month gold's price doesn't drop, it is problematic that gold price will drop from December to February next year. From my personal experience and view, before gold's price rises again, gold will fall below $1700 because investors don't like buying any asset class products in the higher range.
I am also waiting to buy gold on any deep correction to the downside. SO, from the present rate, if the gold price falls below the $1787/1780 price zone. We may go for a short-term sell entry. Our first target is the $1750/1745 price zone. And breaking below $1745, our last target is the $1720 price zone.
On the other hand, if the gold price breaks above the $1835/$1842 price zone, we should consider a long-term buy. The upside target will be nearly $1900 price zone.
So, if this and next month gold's price doesn't drop, it is problematic that gold price will drop from December to February next year. From my personal experience and view, before gold's price rises again, gold will fall below $1700 because investors don't like buying any asset class products in the higher range.
I am also waiting to buy gold on any deep correction to the downside. SO, from the present rate, if the gold price falls below the $1787/1780 price zone. We may go for a short-term sell entry. Our first target is the $1750/1745 price zone. And breaking below $1745, our last target is the $1720 price zone.
On the other hand, if the gold price breaks above the $1835/$1842 price zone, we should consider a long-term buy. The upside target will be nearly $1900 price zone.
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