Gold before soil formation?The bulls gather strength
In our analysis of November 14, we assumed a reaction high (November 16) with counter impulse until around November 27. Contrary to the opinion of some market participants, there was a dynamic downward reaction immediately after the high on November 16th, which broke through the support level that had existed since August and exactly hit the previously published price target of USD 1,800.
As a result, the price exhausted itself, which led to a sigh of relief for the gold price due to initial short covering.
If the gold price (XAU/USD) continues to follow our analyses so picture-perfectly, there will be a movement low (+/-) on November 27th, which should lead to a counter impulse (LONG) until around December 4th.
A price increase within a minimal correction is currently approx. 1,838 USD.
An excerpt of past reversal dates:
- Gold low 27.11., tolerance ? days
- Gold High 16.11., tolerance 0 days
- Gold Low 12.11., tolerance 3 days
- Gold high 05.11., tolerance 2 days
- Gold low 28.09., tolerance 0 days
(Our turning dates have an average tolerance of 3 days. In 82 % of the cases it is only 2 days).
Note:
Within our Swing Trading Strategy we use three special analysis methods. Only partial aspects have been published in this article and do not constitute a complete trading system nor investment advice or a buy recommendation.
