Gold (XAUUSD) Insight

Hey, traders.
We appreciate your comment and Boost. Also, follow.
Let's check the Gold chart quickly.

We cas see
1. short-term descending channel is kept.
2. support on 1610 which is middle line of the descending channel.
3. bottom line of the descending channel is on 1500.00.

We should check
Thursday - EIA Short-Term Energy Outlook, FOMC Meeting Minutes, Core CPI (MoM) (Sep), CPI (YoY) (Sep), CPI (MoM) (Sep), Initial Jobless Claims
Friday - Core Retail Sales (MoM) (Sep), Retail Sales (MoM) (Sep)

We can expect
1. the price keep falling to 1610 by resistance on 1725 (Short)
2. rebounding on 1610 to top line of the descending channel. (Long)
3. the price drops to 1500 if it breaks the support on 1610. (Short)

As we could see by economic indicators, Fed will stick to their strict monetary policy and, by that, dollar will keep rising.
In the chart, by resistance on 1725, the price couldn't break the descending channel.
Most of indicators are showing that gold is in bearish market.
Let's see how the price moves.

Thank you for reading and hope this was helpful.

Analyzed by Han.