Accuracy Review of Analysis dated 06.10.2023:
As projected in my analysis dated 06.10.2023: If the If the Bullish momentum If the Bullish momentum pushes Gold price across $1872 barrier, 1888/1907/1926/1947 followed by $1966 & $1985 zone can be the next target for Gold, opening way to $2000/2009 zone as an ideal sell entry. An unexpected BLACK SWAN event / geo-political tension based upward price movement in Spot Gold cannot be ruled out. It will be wise to avoid PPZ/price trap zones.
R2 ZONE $1866 | UP TREND (Below $1872) : $1888/1907/1926/1966 | SELL LIMITS
As projected in my analysis: dated 06.10.2023: I had projected rise in Gold price of Gold smashes $1872 resistance zone. Sell limits at $1888, 1907, 1926, 1947 and 1966 followed by next target till $1985 / $2000 / $2009 were suggested by me with exit of $5/NAP. We implemented long positions at 1836-1818 zone, I had projected $1888 price zone as expected target price possible before 18.10.2023, XAUUSD breached the mark of $1947 on 18.10.2023. Later we implemented Short positions above 1907, 1926, 1947, 1966 zone and made an exit in NAP on 13th November 2023 at $1932 zone and $2019 zone on 05.12.2023.
An upward price movement of $333/33,300 pips ($1812 – $2145) was observed during October and November 2023 which was well projected by me in my last analysis in advance. Selling Highs in November once again proved a correct trading strategy, selling at and above $2019 after completion of V pattern gave us handsome results.
Summary:
From Mid-November till first week of December, we observed a rise in XAUUSD price in the range of $1931 – $2145 (04.12.2023 high) due to geo-political tensions ( as indicated in my last analysis) and comments from The Fed Chief, that the central bank could begin to cut rates as soon as March. On 4th December, 2023, Gold price witnessed an intraday turnaround from an all-time peak after breaching $2145 region and retraced back to fresh daily low during early part of the European session on Monday, recording more than RT 100% from closing price on Friday 01st December, 2023 at $2072 – $2145 – $2072 – $2019 followed by $2009 next day. We witnessed a sharp retracement based price drop of $125 in Spot Gold Price. Selling highs above $2023 as projected on 28.11.2023 in our live analysis feed, proved an accurate trading strategy.
Figure 1: Piyush Ratnu | Price movement witnessed in October – November 2023 | $1813-2009 – 1931 – 2009 – 1970 – 2145 – 2020 zones | A pattern projected | CMP $2027
I always prefer to BUY lows at my BUY zones traced through the tools displayed in the images in case of price crash, and this strategy has given neat results so far since 2016. CMP $2027.
Read NFP Day Analysis dated 06.10.2023 here:
https://www.piyushratnu.com/october-2023-xauusd-spot-gold-1735-1717-or-1907-1926/
Accuracy review:
- https://www.piyushratnu.com/accuracy-check-xauusd-2023-and-2121-in-2023/
- https://www.piyushratnu.com/why-gold-price-xauusd-2023-2121-2145-in-2023/