Gold near 2800
Gold climbs to new ATH at 2,781 as mixed US data bolsters expectations of a Fed rate cut in November.
Last day candle is a good bullish candle and gold price moving higher today in continuation , price is now trading above weekly R1(2767) and testing rising wedge pattern resistance trendline on daily time frame , from here price can test psychological level 2800 or Monthly R2 (2811) and then we can expect some correction or profit booking as per daily TF ,right now there are two possibilities if we watch price action on higher time frame:
First one is that price can make good correction now after testing 2780-2800
Second one is that price can make another broad range( 2750,60 -2780,2800 ) on daily before next move .
The US Bureau of Economic Analysis going to reveal GDP for the third quarter today and core PCE data tomorrow which can add good volatility on Gold price for Intra day.
Last day candle is a good bullish candle and gold price moving higher today in continuation , price is now trading above weekly R1(2767) and testing rising wedge pattern resistance trendline on daily time frame , from here price can test psychological level 2800 or Monthly R2 (2811) and then we can expect some correction or profit booking as per daily TF ,right now there are two possibilities if we watch price action on higher time frame:
First one is that price can make good correction now after testing 2780-2800
Second one is that price can make another broad range( 2750,60 -2780,2800 ) on daily before next move .
The US Bureau of Economic Analysis going to reveal GDP for the third quarter today and core PCE data tomorrow which can add good volatility on Gold price for Intra day.
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