Today I’m going to show you the level to watch on gold next week.
I’ll discuss key levels and targets for October, as well as the latest on the US Dollar Index (DXY).
Watch the video below and scroll down for the annotated charts and analysis.
XAUUSD (gold) has played out perfectly since early August.
I’ve been relatively bearish since that time, mostly due to dollar strength.
I even wrote a post on August 2nd titled, “XAUUSD: Bullish on Gold? Not So Fast!”.
In that video, I described a bearish scenario for gold that played out in the following days.
And on August 8th, I posted my projection for gold in the VIP group, as shown below.
The idea called for a breakdown from the November 22nd trend line, a bounce from $1,890, and a bearish rejection from $1,940 with a final target of $1,810.
So far XAUUSD has reached every single target except for $1,810.
However, given the current gold trend, I wouldn’t be surprised to see $1,810 within the coming days.
From there, $1,800 to $1,810 is likely to draw a lot of attention from gold bulls.
If XAUUSD tests that support area while the dollar reaches key resistance, even better.
But, for now, it seems gold has a bit lower to go before bulls are ready to take back control.
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