【11/4~11/8】Market Review and Next Week’s Scenario (GOLD)

GOLD (XAUUSD)

【Weekly】

Forming a relatively large bearish candle, indicating a weak pattern for the first time in a while. After the presidential election, which is this year’s key event, there may be a turning point
→ Since the overall trend is upward, even if a drop occurs, there is a strong possibility of a large buy-back and continuation of the trend
→ For a while, observe after the election (including dollar movement), and look to enter mainly on daily to swing trades

Daily channel has broken down, daily Dow not yet turned. In a transitional period to determine if a trend will change, assess chart patterns and Dow
→ Volatility is present, and once uncertainties pass and waveforms become clearer, opportunities will arise regardless of long or short, so high expectations

In 4H, Dow has already turned. After forming the first wave, price retraced to a zone including the Dow turning point, and is now ranging between that and the daily support zone
→ Recently, a retracement sell against a sharp drop and buying in line with higher-timeframe trends are anticipated; plan entries supported by chart patterns and multiple confirmations