October 15: Gold Strategy Analysis
The September CPI data came in higher than expected, initially pushing the price of gold down to the 4073 level.
However, subsequent "dovish" remarks from Federal Reserve officials shifted market sentiment.
Gold has found some breathing room today, staging a strong rebound from its lows and fully recovering the losses incurred following the data release.
Overall, the tug-of-war between bulls and bears remains intense. In the absence of further strong bullish catalysts, the highs of this rebound offer a favorable opportunity to establish short positions.
See chart:
Resistance Zones: Short-term resistance lies near 4160–4190–4200, with stronger resistance found at the previous highs in the 4220–4230 range.
Support Zones: Short-term support has shifted up to the 4110–4120 range; the key pivot point is at 4160.
The current rebound is a correction following an oversold condition. Gold has yet to break through the resistance at the previous highs, and the price remains within a broad consolidation range of 4070–4220.
Trading Strategy: Sell into strength (go short on rallies).
SELL (1): 4150–4160 (Aggressive)
SELL (2): 4190–4200 (Conservative)
Stop Loss (SL): 4215+
Take Profit (TP): 4140, 4120, 4100
Summary: Pay close attention to the 4160 level, as it serves as a critical pivot point.
The September CPI data came in higher than expected, initially pushing the price of gold down to the 4073 level.
However, subsequent "dovish" remarks from Federal Reserve officials shifted market sentiment.
Gold has found some breathing room today, staging a strong rebound from its lows and fully recovering the losses incurred following the data release.
Overall, the tug-of-war between bulls and bears remains intense. In the absence of further strong bullish catalysts, the highs of this rebound offer a favorable opportunity to establish short positions.
See chart:
Resistance Zones: Short-term resistance lies near 4160–4190–4200, with stronger resistance found at the previous highs in the 4220–4230 range.
Support Zones: Short-term support has shifted up to the 4110–4120 range; the key pivot point is at 4160.
The current rebound is a correction following an oversold condition. Gold has yet to break through the resistance at the previous highs, and the price remains within a broad consolidation range of 4070–4220.
Trading Strategy: Sell into strength (go short on rallies).
SELL (1): 4150–4160 (Aggressive)
SELL (2): 4190–4200 (Conservative)
Stop Loss (SL): 4215+
Take Profit (TP): 4140, 4120, 4100
Summary: Pay close attention to the 4160 level, as it serves as a critical pivot point.
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Technical and fundamental market analysis
Educational insights and trading strategies
Join now for disciplined trading.
t.me/+qnqZW1FWCGI5YzNh
Educational insights and trading strategies
Join now for disciplined trading.
t.me/+qnqZW1FWCGI5YzNh
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.