As the year draws to a close, we’ve seen gold maintain a strong bullish trend throughout. However, with the year-end approaching, banks, institutions, hedge funds, and other major market players are likely to start unwinding their long positions. This shift could create increased bearish momentum for gold from now until the end of the year.
For November, I expect continued bullish action as these institutions gradually reduce their long exposure, creating short-term buying pressure. After this phase, I anticipate a period of consolidation before price resumes a downward push.
If gold price consolidates around the 2760.00 level, I’ll be watching for an opportunity to short down to the 2680.00 range, which could provide solid support. Should price break below this consolidation pattern, we can expect a continued bearish trend to unfold. However, if price holds within the pattern without breaking lower, it may signal a continuation of the current upward movement.
For November, I expect continued bullish action as these institutions gradually reduce their long exposure, creating short-term buying pressure. After this phase, I anticipate a period of consolidation before price resumes a downward push.
If gold price consolidates around the 2760.00 level, I’ll be watching for an opportunity to short down to the 2680.00 range, which could provide solid support. Should price break below this consolidation pattern, we can expect a continued bearish trend to unfold. However, if price holds within the pattern without breaking lower, it may signal a continuation of the current upward movement.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.