Gold gained back almost half of its downtrend from 1795.10 (Oct 5th high) to 1671.90 (Nov 5th low) after Obama reelected for second term. Oscillator indicates overbought but there is no sign of trend continuation yet. So I expect consolidation pattern to emerge before a breakout to test the November 5th low at 1671.90. Break from that support level would suggest a-b-c correction pattern of its larger scale trend (uptrend) targeting 1642 (61.8% retracement) and 1600.3 (78.6% retracement).
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| XAU/USD 4 Hour Chart - Multiple downtrend continuation scenario |
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