Nov. 5th – GOLD

Unfortunately there are multiple ways to label Gold and the fact that it is trapped between long term Moving averages does not help the case. So I have added the Moving Average Channel to help us stay away until there’s clear direction as offered by the channel.
Also, the Uptrend line from May 2019 has worked as perfect Support and now resistance. Should prices manage to penetrate it, then we will have more arguments to use bullish labels.
NOTE: The move from 1919 down to 1677 is clearly in three. That adds to the bullish case… But no action should be taken in a market that offers so many interpretations.

Aldo Lagrutta

Prof. Aldo Lagrutta is an awarded Certified Financial Technician from the International Federation of Technical Analysts and holds several financial market designations, including the coveted Certified Elliott Wave Analyst.

He is a also a member of the Society of Technical Analysis, holds the CFT’e and is a recipient of the Bronwen Wood Prize bestowed by the Society of Technical Analysis in London.

Prof. Aldo Lagrutta grew up as a music child prodigy and became the youngest Professor to teach in several universities and conservatories around the world. He performed for 2 decades as a concert guitarist in Europe, Africa, North and South America.