-Gold has broken an hourly trend downward for the 2nd time, and still remains under that trend - 1890 - 1894 became a great resistance zone supporting the same trend - if Gold retest the trend and the zone, and retrace again, the double top formation is confirmed
Gold has broken the daily trend, so it must retest the trend..
breaking the trend upward seems to be fake out..
we have two retracement zone 1756 - 1750 1745 - 1739 (this one is the strongest of recent months) if Gold could not break 1745 - 1739 again it will rise...
Soon breakout will occur
Gold is under a lot of Short pressure but needs time to decide whether continue falling down, or goes back to the main Trend which is Uptrend
If he can not break the current resistance, it might falls down..
If it breaks the R1 with a 4h Candle then it goes up to the fib levels of 0.5 - 0.6 most likely it will break it.. if it creates the double top then it might be the trend reverse phase..
If Gold rises and retests the main resistance (Old support) and then it falls down to 1818 and then should continue falling down again
If Gold completes the 2nd shoulder, it will fall down until 1808 then from there the pressure of selling is starting again
Gold will rise to retest the old main support (now resistance -1840-1860) then once vaccine will be used in the beginning of December. again Gold will fall until it breaks small support of 1800-1790....
Its on the contraction zone, the expansion will rise up to 1871 and them falls down...
waiting for the vaccine results - next week Gold will decide where to go.
-If the market opens with a gap downward then eventually end of the week Gold will fall down - if the market opens with a gap upward, then eventually end of the week Gold will rise again
Gold will rise again in long term due to the 2nd wave of Corona + USA elections