Gold Price Action – Corrective Structure On the Lows | Nov 4
Gold – Corrective Structure On Lows (1hr chart)
Also a recipient of the recent volatility, Gold has lost a tremendous amount of ground in October, ending the month breaking the multi-year support at 1180. Since then, the price action for the precious metal has been consolidating in a corrective structure, re-balacing on the lows between 1162 and 1176.
Medium term and short term, we are still in a bear trend, so a leg down is favored to trade with the trend. If the PM breaks out of the consolidation higher, I suspect sellers will be waiting either at 1180 (former multi-year support) or 1196.
Only some massive gains would spook the bears short term. Downside targets would potentially be a move back down to $1000 as there is not below here, with 1077 and 1030 the only major support levels between here and the 1K figure.
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