Gold Price Action – Smaller Corrective Formation | Nov 6

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Gold – Forming Smaller Corrective Move/Consolidation (1hr chart)
After breaking through the 1180 multi-year support last week, the precious metal consolidated for 4 days before heading lower. The PM has now formed another corrective structure/consolidation on the lows, but this one looks to be a tad smaller.

I’m expecting the price action to break lower from this consolidation, but any weak rallies into 1162 I’ll look to sell. A break below the current yearly lows ~1139 put 1000 and 1070 under focus.

gold

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