Gold can undergo a monthly correction process of a weekly bullish pattern that can break out of the weekly downtrend.
There are several cases when it comes to reaching the monthly supply zone.
The first is that the monthly correction is short, and a monthly downtrend can come out right away in November.
The second is when an extended monthly correction pattern is created. Lows and highs will gradually rise. And, the correction ends, and a monthly downtrend can come out deeply.
The third is a case where a weekly uptrend continues, like a weekly downtrend. It will be a pattern that will update the peak and again get a big correction.
However, this analysis will be invalid if the weekly bullish pattern fails.
There are several cases when it comes to reaching the monthly supply zone.
The first is that the monthly correction is short, and a monthly downtrend can come out right away in November.
The second is when an extended monthly correction pattern is created. Lows and highs will gradually rise. And, the correction ends, and a monthly downtrend can come out deeply.
The third is a case where a weekly uptrend continues, like a weekly downtrend. It will be a pattern that will update the peak and again get a big correction.
However, this analysis will be invalid if the weekly bullish pattern fails.
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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.