Market temperature has been boiled by the debate between Trump and Biden, whilst gold price has been somewhat consolidated without any significant movement. Biggest for the week was yesterday’s unemployment claim turned out considerably better than expected figure, pulling gold price down over twelve dollars from 1914 to 1902. The Flash Manufacturing PMI to be published later this evening shall also provide little or some volatility to the market to end the week.

A head and shoulder pattern looks to be forming on the H4 chart and if formed, price is expected to ride the slide down to ladder. Given the current situation on D1, H4 and H1 timeframe, price could still move either way, best is to be patient and wait out the stagnant price zone between 1897 and 1912. In a relatively short term, price could head higher at today’s high 1907 before bearish takes over.

Suggestions for day-traders could seek short opportunity when price retrace to 1907 and aim for some minor movement down to 1900, safety stop loss set at 1912.

Analyzed by: Mr. Ronald Wu,Independent Analyst