Gold (XAUUSD) Insight

6 thg 10, 2022Hey, traders. Good to see you guys again.
Let's see Gold chart quickly.

We can see
1. short-term descending channel has been breaking.
2. overlapped resistance on 1770.

We should check
Thursday - UK Construction PMI (Sep), ECB Publishes Account of Monetary Policy Meeting, US Initial Jobless Claims
Friday - EU Leaders Summit, US Nonfarm Payrolls (Sep), US Unemployment Rate (Sep)

We can expect
1. jumping up to 1770 by breaking the resistance on 1725 and short-term descending channel.
2. the price drops to 1550 following the descending channel by resistance on 1725.

If the price breaks the descending channel, it will jump up to 1770 and be on the process of making ascending channel. (I see more chance on this.)
But, otherwise, it will follow the descending channel and drops to 1550.
In any case, we still can find good spot to have a position.
Let's see how it works.

Thank you for reading and hope this was helpful.

Analyzed by Han.