#gold #firstmininggold #preciousmetals #bullmarket #correction #capitulation #reversal #shortsqueeze #bottombuilding #FF #FFMG

Despite already being overbought, gold pushed further to the upside this morning, reaching USD 4,146. The metal is now up USD 275 from Friday’s low, which looks like a short squeeze. We expect additional upside towards USD 4,186–4,225 at least. 

However, 4h-stochastic is overbought in the short term, and tomorrow’s NFP release could trigger a pullback. As long as gold holds above USD 4,050, the bounce remains intact.

https://floriangrummes.substack.com/p/gold-daily-call-for-november-5th-162