GOLD (XAUUSD): Technical Outlook 🥇

9 nov 2022

On a today's live stream, we discussed Gold.

Currently, even though the market remains bullish since Friday,
the price is stuck within a wide horizontal trading range.

To me, the recent bullish move looks like just an extended correction.

1726 - 1735 area is the resistance of the range.
1614 - 1623 area is the support of the range.
1664 - 1675 area and a recently broken trend line compose the intermediate support cluster.

For now, it looks like the goal for buyers is the resistance of the range.
I will look for shorting opportunities from there.
Alternatively, its bullish breakout will trigger a bullish wave.

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