XAUUSD WEEKLY ANALYSIS – 4th NOV
Price continues to fail against the 1512-1515 resistance zone and even with the assistance of poor data from the US has shown no evidence of a breakout. I would be on the side of the bears this week targeting previous lows at 1485.00
FOMC last week cut rates by 0.25% in a continued attempt to alleviate financial pressures. In theory, we should have seen a far larger rise in Gold considering the fact it is the Dollar’s safe-haven. However, we did not and price still failed to break above the 1515 zone. Pressure is building and I still believe in the bears.