Lingrid | GOLD takes a BREATHER before the next BULLISH Move

1 Nov

XAUUSD dipped sharply following unfavorable news for gold. However, the market found support after testing both the support level and the upward trendline. Given the recent significant bearish move, we can anticipate some sideways movement in the near term. While the October candle closed bullish, suggesting potential for bullish trades, the daily timeframe has formed a "three-candle reversal" pattern, which is somewhat concerning. If this pattern plays out, the price could potentially drop to 2700. Nevertheless, given the prevailing bullish trend, I expect the market to consolidate below the psychological level of 2800 before breaking through it to retest that level. My target is resistance zone around 2785


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