Image Source: Pixabay

We talked about bullish gold back on October 11, but we mentioned and highlighted final wave 5 of a lower degree impulse that can stop in the 2700 - 2800 area.

(Click on image to enlarge)

XAUUSD (Gold) 4H Chart From October 11 2024

Later on November 4th, when gold was already in wave (5), we warned about a potential pullback, because of strong USdollar recovery. The reason was also Chinese yuan that was pointing lower compared USD, so bullish USDCNH pair was indicating that gold is about to turn down.

As you can see today on November 14, gold is coming sharply and impulsively down, which is first leg A of a deeper A-B-C corrective decline. So, be aware of even more weakness for wave C after wave B corrective rally, which will show up at some point. In such case watch 2610-2644 resistance.

(Click on image to enlarge)

More By This Author:

ALTcoins Are Trying To Follow Bitcoin; DeFi Bulls Are Here
Bitcoin: Finally Back To All-Time Highs As Anticipated
SP500 Can Be Trading In 5th Wave