Daily Technical Analysis & Recommendations - Gold - XAUUSD - 31st October, 2022 

• FOMC minutes don't offer any hope for gold. 
• Demand for gold as insurance against inflation promise to decline. 
• Gold break the support & close down to $1650. 
• Now trend stay down & can reach 1625/20 next. 
• FOMC data awaited. Our last forecast sell position @ 1641, target 1625. 
• We must stay on downside. 

Trade Recommendations: Stay in sell position, target 1625/20. Stop Loss above $1650. Stay downside until trend line breaks. 

Alternative Scenario: Break of $1650 will turn the price in neutral zone.

Naveed Anjum

Technical Analyst