Main Scenario: As long as it remains below 1500, our main expectation is NEGATIVE!
In addition, with the 4-hour close below 1483 level, our expectation can be strengthened even more with confirmation of shoulder head and Shoulder formation.
Target Expectation: 1483 – 1477 – 1470
Considerations Supporting The Scenario: The end of the short-term upward trend reinforces our negative expectation for the gold price.
Alternative Scenario: In the event of a 4-hour close above 1500 level, the alternative expectation is POSITIVE!
Alternative Target Expectation: 1511 – 1520 – 1529
MOST IMPORTANT NEWS OF THE WEEK
Wednesday, October 30
- Economic Confidence Index from Turkey
- German Consumer Price Index (CPI) and German Unemployment Rate Change from the Euro Area
- ADP Non-Farm Employment Change, Gross Domestic Product (GDP), Crude Oil Stocks and Gasoline Stocks from USA
- Bank of Canada Interest Rate Decision and Press Conference
- Federal Open Market Committee (FOMC) Minutes, Interest Rate Decision and Speech by President Powell
Taking into account the current news streams today, EURUSD, USDCAD and GOLD may attract attention compared to other assets.