Gold: Weekly Forecast 7th November 2021
Despite the dollar has strengthened, the gold marked a strong weekly gain and breaks towards the upside.
This could certainly help the gold to climb further but it will face strong resistance at the top of the symmetrical triangle and a strong supply level at 1828 which could provide a good short-term sell opportunity.
After which, we will look for a buying opportunity again as the price pulls back towards 1807, follow by 1790 which is near the bottom of a newly formed rising channel.
As such, we will have both buying and selling opportunities and this week's movement will give us a better idea whether the gold is ready for another bullish run or remain range-bound within the symmetrical triangle.
This could certainly help the gold to climb further but it will face strong resistance at the top of the symmetrical triangle and a strong supply level at 1828 which could provide a good short-term sell opportunity.
After which, we will look for a buying opportunity again as the price pulls back towards 1807, follow by 1790 which is near the bottom of a newly formed rising channel.
As such, we will have both buying and selling opportunities and this week's movement will give us a better idea whether the gold is ready for another bullish run or remain range-bound within the symmetrical triangle.
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