Gold is currently facing resistance in the 4140-4160 range.
Gold # At the start of the week, gold experienced a long-awaited one-sided strong rally, surging nearly $110 intraday, a much stronger move than usual—even rare in the volatile months of September and October. The four-hour chart showed almost no pullback, maintaining an extremely strong upward trend throughout, perfectly matching our weekly prediction of a "full bullish candle," both unexpected and logical.
The daily chart closed with a long bullish candle with no upper or lower shadow, appearing within the current sideways consolidation pattern, typically indicating that the price is about to enter a 0.5 Fibonacci retracement level. Today, the key focus is on the 4140-60 resistance area, which coincides with the 50% Fibonacci retracement level of the previous high of 4385 to 3885, holding significant technical importance.
From a longer-term perspective, the gold price has retreated nearly $500 from the high of 4385 to 3885, confirming that the market has entered a high-level, wide-range consolidation phase. The current price rebound to around 4140 (a 50% retracement of the 4385-3885 range) can be considered a resistance level at the high point of the low-level consolidation range. The main trading range below this area is expected to be between 4160 and 3990.
Intraday Strategy:
Resistance Zone: Below 4140-60, a correction is expected; avoid chasing the price higher before a breakout.
Support Zone: 4100-4080 is the recent strong/weak dividing line; above this level, the structure remains strong.
Risk Control Point: If the price breaks below 4080-70, watch for a test of the 4040-30 support level.
Trading Strategy: Consider shorting at the resistance zone; if the price stabilizes at the support zone, focus on buying on dips.
The daily chart closed with a long bullish candle with no upper or lower shadow, appearing within the current sideways consolidation pattern, typically indicating that the price is about to enter a 0.5 Fibonacci retracement level. Today, the key focus is on the 4140-60 resistance area, which coincides with the 50% Fibonacci retracement level of the previous high of 4385 to 3885, holding significant technical importance.
From a longer-term perspective, the gold price has retreated nearly $500 from the high of 4385 to 3885, confirming that the market has entered a high-level, wide-range consolidation phase. The current price rebound to around 4140 (a 50% retracement of the 4385-3885 range) can be considered a resistance level at the high point of the low-level consolidation range. The main trading range below this area is expected to be between 4160 and 3990.
Intraday Strategy:
Resistance Zone: Below 4140-60, a correction is expected; avoid chasing the price higher before a breakout.
Support Zone: 4100-4080 is the recent strong/weak dividing line; above this level, the structure remains strong.
Risk Control Point: If the price breaks below 4080-70, watch for a test of the 4040-30 support level.
Trading Strategy: Consider shorting at the resistance zone; if the price stabilizes at the support zone, focus on buying on dips.
Dagangan aktif
Short-term trading strategy:Buy gold around 4097-4103, add to long positions around 4090-95, stop loss at 4087, target 4145-50, hold if it breaks through;
Dagangan ditutup: sasaran tercapai
Perfect prediction of gold's support level
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Penerbitan berkaitan
Penafian
Maklumat dan penerbitan adalah tidak bertujuan, dan tidak membentuk, nasihat atau cadangan kewangan, pelaburan, dagangan atau jenis lain yang diberikan atau disahkan oleh TradingView. Baca lebih dalam Terma Penggunaan.