Volumetric analysis on November 01
As a result of yesterday's trading session, the quotation decreased, leaving all maximum volumes above current prices. Now, we can talk about the continuation of the downward trend and count on the price rebound from the resistance of 1.1365-1.1435. This is the place where the maximum amount of the previous balance is concentrated. If it is possible to profitably jump in the sale, then the most likely goal is 1.1327. I would also like to note that according to a number of brokers, below the mark of 1.1290, up to 1.1249 are located stop orders of other market participants. And these applications exceed the number of opposite applications. In other words, there are more sell orders in this range than buy orders. So, we can assume that when the price reaches the mark of 1.1290, we will see a pulse movement up to 1.1273, and then, probably, up to 1.1249. This movement will be associated with the ejection of a large number of applications for sale by brokers to the market. And there you can try to make money.
We reasonably expected relative resistance forces. Now we see that nothing is keeping the pair from further growth. Moreover, during yesterday's American session, there was a clear initiative of buyers in the price range of 1.3140-1.3105. So, this range today we perceive as support and we expect growth from it to the level of 1.3180 and more in the future. A price drop below 1.3105 cancels our purchase idea.
In general, gold predictably fell and passed initial support level, showing us that the strength of the sellers in this asset is still there. Pay attention to the resistance 1222-1226.60. There were interesting volumes that are currently the maximum. Our task is to wait for the correctional growth in the indicated support, find a good entry point into the sale and try to reach the 1210 mark in the fall.