Credit Agricole made a fundamental forecast for Gold for November this year predicting the bearish market condition to be continuing. As we see from the chart below - XAU/USD is on primary bearish to be below 100 SMA/200 SMA for 1085.44 support level to be crossed from above to below for the bearish trend to be continuing. And 1077.19 is the next bearish target for November. By the way, the bullish key reversal level is 1339.93, and if the price breaks this level from below to above so the reversal of the price movement from the primary bearish to the primary bullish will be started.
Anyway, 977.50 may be the real bearish target for Gold (XAU/USD) for the next two months for example.
- if the price breaks 1085.44 support level on close weekly bar so the bearish trend will be continuing;
- if the price breaks 1077.19 support level so we may see the bearish breakdown with S2 Pivot at 977.50 as the next bearish target;
- if not so the price will be moved within the channel.
| Resistance | Support |
|---|---|
| 1191.48 | 1085.44 |
| 1339.93 | 1077.19 |
| N/A | 977.50 |
