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CMS Daily Market Report 7th November 2022

 

With a strong bullish move on Friday, gold formed a bullish engulfing candle and closed above the range of the long-term downtrend line . The behavior of the price in the past day shows the beginning of a short-term upward trend . Buying in the range of 1664 is a low-risk option, and the way to increase the price towards the range of 1727 is available.

The euro fell to the 0.97300 range last week, but at the same time as the dollar index fell at the end of the week, the euro also closed at the 0.99600 range at the end of the week. Now, according to the price position in the 4-hour chart, any drop in the price towards the 0.98700 range is a buying opportunity, and the way to continue the upward movement towards the 1.01340 range is available .

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