XAUUSD outlook for the coming week.
On Oct 3rd we shared a chart indicating that we could be forming an inverse Head & Shoulders pattern. We are still within this pattern and if this plays out we are bullish on Gold.
Price last week reached a bearish D1 order block and bounced off and now reached a bullish order block. We will need to observe if the price finds support at the order block and continues moving up within the ascending channel. Breakout of this channel to the downside will indicate further drop.
Drop below 1720 will negate the Head & Shoulders pattern Idea.
We will be watching price action for the first few days of the week to get an indication of direction.
Price last week reached a bearish D1 order block and bounced off and now reached a bullish order block. We will need to observe if the price finds support at the order block and continues moving up within the ascending channel. Breakout of this channel to the downside will indicate further drop.
Drop below 1720 will negate the Head & Shoulders pattern Idea.
We will be watching price action for the first few days of the week to get an indication of direction.
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