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.
Сделка активна
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;
Сделка закрыта: достигнута тейк-профит цена
Perfect prediction of gold's support level
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Похожие публикации
Отказ от ответственности
Информация и публикации не предназначены для предоставления и не являются финансовыми, инвестиционными, торговыми или другими видами советов или рекомендаций, предоставленных или одобренных TradingView. Подробнее читайте в Условиях использования.