Yesterday, gold showed a typical shakeout: prices fell first, then rose, before plunging late in the session.
In the morning, prices dipped below 3900, quickly found support at a low of 3895, then bulls drove them sharply higher to 3971 in the evening. However, strong resistance overhead and concentrated selling pressure at the highs saw gold give back all its gains in the early hours. It ultimately closed in a range, forming a shakeout candlestick with a long upper wick.
The overall structure points to a shakeout and position rotation, not a trend reversal. Key support at 3895 held, with ample buying interest below. The general intraday strategy is to buy on dips.
On the hourly chart, prices surged to 3971 before retreating sharply, forming a long upper wick that signals strong resistance overhead. Prices pulled back but held above the lows, leaving the base structure intact. The moving averages are tangled as prices consolidate, indicating a technical pullback to build momentum after the rise.
The MACD histogram's red bars have contracted, and the short-term bearish crossover is correcting. Bullish momentum has briefly faded, but there has been no surge in bearish volume. RSI has fallen from overbought levels back into neutral territory. The scope for a pullback is limited, support below is firm, and conditions for a rebound remain in place.
After the early-hours plunge, the 15-minute chart entered range-bound trading, with bulls and bears evenly matched and the moving averages repeatedly crossing. There is no sustained bearish momentum in the short term; this is a consolidating market.
The MACD is crossing back and forth around the zero line, with bullish and bearish momentum alternating. RSI is holding near the 50 midpoint and is not weakening persistently, suggesting that the market is merely correcting, not entering a bearish trend.
In the short term, look to go long if prices pull back and stabilize. Don't chase shorts or buy into a rally.
Favor buying on dips
Entry: Go long near 3895
Target: 3940
Stop: 3880
Once the shakeout is over, the overall bullish structure remains intact. A pullback to support offers the best opportunity to buy at lower levels.
$XAU #币安将恢复更多资产提现 #美国10月非农出炉：降息还有戏吗？
In the morning, prices dipped below 3900, quickly found support at a low of 3895, then bulls drove them sharply higher to 3971 in the evening. However, strong resistance overhead and concentrated selling pressure at the highs saw gold give back all its gains in the early hours. It ultimately closed in a range, forming a shakeout candlestick with a long upper wick.
The overall structure points to a shakeout and position rotation, not a trend reversal. Key support at 3895 held, with ample buying interest below. The general intraday strategy is to buy on dips.
On the hourly chart, prices surged to 3971 before retreating sharply, forming a long upper wick that signals strong resistance overhead. Prices pulled back but held above the lows, leaving the base structure intact. The moving averages are tangled as prices consolidate, indicating a technical pullback to build momentum after the rise.
The MACD histogram's red bars have contracted, and the short-term bearish crossover is correcting. Bullish momentum has briefly faded, but there has been no surge in bearish volume. RSI has fallen from overbought levels back into neutral territory. The scope for a pullback is limited, support below is firm, and conditions for a rebound remain in place.
After the early-hours plunge, the 15-minute chart entered range-bound trading, with bulls and bears evenly matched and the moving averages repeatedly crossing. There is no sustained bearish momentum in the short term; this is a consolidating market.
The MACD is crossing back and forth around the zero line, with bullish and bearish momentum alternating. RSI is holding near the 50 midpoint and is not weakening persistently, suggesting that the market is merely correcting, not entering a bearish trend.
In the short term, look to go long if prices pull back and stabilize. Don't chase shorts or buy into a rally.
Favor buying on dips
Entry: Go long near 3895
Target: 3940
Stop: 3880
Once the shakeout is over, the overall bullish structure remains intact. A pullback to support offers the best opportunity to buy at lower levels.
$XAU #币安将恢复更多资产提现 #美国10月非农出炉：降息还有戏吗？