XAUUSD Analysis
Weakened US Economic Growth Report
The latest Q3 economic growth report from the US fell short of expectations, causing a slight USD weakening that continues to support gold’s rally towards an all-time high. Additionally, the uncertainty ahead of the US elections and ongoing conflicts in the Middle East add to the momentum.
Potential Ascending Triangle
Gold prices are forming a potential ascending triangle pattern on the H1 time frame. A BUY opportunity exists, targeting a pullback first before a potential breakout from the ascending triangle.
Prediction: STRONG XAUUSD
Trade Plan:
- BUY Area: 2778.34 - 2784.08
- Stop Loss (SL): 2770.58
- Take Profit (TP1): 2791.33
- Take Profit (TP2): 2799.94
- Take Profit (TP3): 2809.89