GOLD (XAUUSD): 2 Scenarios For Next Week Explained 🥇

6 Nov 2022

Hey traders,

Gold suddenly bounced on Friday.
Based on a current situation, I see 2 potential scenarios:

The market is still trading within the boundaries of a falling parallel channel on a weekly.
If the price breaks and closes above that, then a bullish continuation will be expected at least to 1723 level.

The market may also respect the resistance of the channel.
As a confirmation, consider a bearish breakout of 1664- 1674 horizontal support.
Then, a bearish continuation will be expected to 1630.

Wait for a breakout, traders.
That will be our trigger.

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