Gold Coming Down Again To 2700??
Next week, in addition to the FED meeting, there will also be the US Presidential election on November 5. Many experts predict that Donald Trump is likely to be re-elected. If Mr. Trump wins the election, he will continue his policy of increasing tariffs on imported goods as promised, which could push up inflation. The FED may have to delay reducing interest rates, or even raise interest rates again.
Thus, next week's gold price is at risk of being double-impacted by the FED meeting and the US presidential election.
PTechnically, in the H4 chart, gold price still shows a clear uptrend when the price trades above the EMA89 moving average. Next week, if gold prices still trade above the 2720 threshold, we can expect gold prices to continue to maintain an upward trend. In case the price will return to a downward adjustment cycle if the 2710 support zone is broken, correspondingly in the H1 chart, the gold price forms a head and shoulders model. If this model is correct, the gold price will find its way back around mark 2650
Notable technical levels are listed below. Support: 2.700 - 2.710 - 2.720USD Resistance: 2.786 -2.768- 2.745USD
SELL XAUUSD PRICE 2776 - 27744 Stoploss 2780
BUY XAUUSD PRICE 2649-2651 4 " Stoploss 2645.
Thus, next week's gold price is at risk of being double-impacted by the FED meeting and the US presidential election.
PTechnically, in the H4 chart, gold price still shows a clear uptrend when the price trades above the EMA89 moving average. Next week, if gold prices still trade above the 2720 threshold, we can expect gold prices to continue to maintain an upward trend. In case the price will return to a downward adjustment cycle if the 2710 support zone is broken, correspondingly in the H1 chart, the gold price forms a head and shoulders model. If this model is correct, the gold price will find its way back around mark 2650
Notable technical levels are listed below. Support: 2.700 - 2.710 - 2.720USD Resistance: 2.786 -2.768- 2.745USD
SELL XAUUSD PRICE 2776 - 27744 Stoploss 2780
BUY XAUUSD PRICE 2649-2651 4 " Stoploss 2645.
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