GOLD ANALYSIS FOR 5TH NOV <ELECTION PREDICTION>
Gold Technical Analysis Update
At the moment, gold is hovering around a key order block area, showing some attempts to hold this level. We've seen price action break highs but with significant retracements, often pulling all the way back to previous swing lows. However, notably, these retracements aren't resulting in any candle closures below these lows, which could imply sustained support.
For potential longs, a break above the minor resistance could open up some upside opportunities. However, keep in mind the target here is limited, likely reaching only the recent swing high. For shorts, we would need a decisive break and retracement below the major order block to confidently enter. My suggestion? Wait for a solid break of the swing highs before considering longs to reduce risk exposure.
US Elections and Market Volatility
With the U.S. elections in play, the market is set to become highly volatile. This environment is ideal for stop-loss hunting, with rapid buying and selling likely on both sides of the market. My advice? Today might be a day to stay out and watch the action from the sidelines. The market could swing unexpectedly, so protect your capital by avoiding any trades.
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At the moment, gold is hovering around a key order block area, showing some attempts to hold this level. We've seen price action break highs but with significant retracements, often pulling all the way back to previous swing lows. However, notably, these retracements aren't resulting in any candle closures below these lows, which could imply sustained support.
For potential longs, a break above the minor resistance could open up some upside opportunities. However, keep in mind the target here is limited, likely reaching only the recent swing high. For shorts, we would need a decisive break and retracement below the major order block to confidently enter. My suggestion? Wait for a solid break of the swing highs before considering longs to reduce risk exposure.
US Elections and Market Volatility
With the U.S. elections in play, the market is set to become highly volatile. This environment is ideal for stop-loss hunting, with rapid buying and selling likely on both sides of the market. My advice? Today might be a day to stay out and watch the action from the sidelines. The market could swing unexpectedly, so protect your capital by avoiding any trades.
If you found this analysis helpful, make sure to like, follow, and comment for more trading insights!
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