Comment on Gold on November 2, 2020:
? ?Welcome a new month. So we're going to go through another month and into the final months of 2020 already. Last month was a month when the market was mainly flat and did not change much, but at the beginning of this month it will be a completely different month and only tomorrow the market will have many big changes.
- As we know that tomorrow is the day that the presidential election of the world's No. 1 economy takes place at this time, so tomorrow the market will surely shake a lot and fluctuate unpredictably so today is Last "normal" trading day before the election.
At the end of the last trading month, Gold continued to create a decreasing monthly candle from 1932 to 1859 ($ 73), this is the smallest fluctuation month of Gold in a year. The last time Gold had fluctuated "small" was from October 2019. Looking back, we know that Gold has accumulated a month so that this month it can run.
- Looking on the smaller timeframe (W1), we can see that last week's candle broke and closed below MA20 (the area that supported the price to slide deeper during the last 5 weeks), showing a clear selling pressure. And our job is to wait for the price to bounce back so strong resistance zones to sell.
- Short-term on smaller timeframes on H4 and D1, after falling sharply in the last 2 days, 5 weeks ago, the price of Gold is tending to recover, so it should reach the price range of 1889-1898 and the possibility of following My personal score Gold will be corrected when it comes to resistance for this day. Our target is to keep selling to the nearest support at 187x today.