GOLD (XAUUSD)
Dominant Bias: Bearish
Gold is a choppy market, though
movement has generally been bearish. Last month, price went upward to test the
resistance level at 1305.78, before dropping thousands of pips. Any rallies
that are seen on Gold would be in the context of a downtrend, and as such,
would not invalidate the current bearishness in the market, unless the
resistance level at 1300.00 is breached to the upside, which would require
exceptionally strong buying pressure. This month, the support levels at
1260.00, 1240.00 and 1220.00 may be reached.
SILVER (XAGUSD)
Dominant Bias: Bearish
Since Gold and Silver are usually
correlated, Silver moved upwards in the first half of October, gaining 9,000
pips. The market reached the high of the month at 17.4594 (October 15), and
then began to move southwards, underlining the recent bearishness in the
market. This month, any rallies should be taken as opportunities to seek short
trades, because the current bearishness in the market cannot be ended until
price is able to go above the high of October (17.4594). In November, at least
a southwards movement of 6,000 pips is expected.
BITCOIN (BTCUSD)
Dominant Bias: Bullish
There is a very strong Bullish
Confirmation Pattern on Bitcoin. In October, price reached a low of 4143.64 and
a high of 6460.62. Price gained more than 210,000 pips in October, and it
started November on a strong bullish note. Another 100,000 pips have been
gained this week, as price topped at 7438.49 on November 2, before retracing
downwards. Nevertheless a large pullback of 50,000 – 100,000 pips is
anticipated this month, after which price would assume its journey to the
north. The main target for the month is the distribution territory at 7500.00,
although there is a high probability that the main target would be exceeded.
No comments:
Post a Comment