9.22 Chenyu’s Gold Morning Report: 4310 Support Is in Jeopardy; If Broken, the Pullback Will Widen
Let’s look at the candlestick formation only: gold surged from 4274 and jumped straight up to 4376. After this rally runs out of steam, the market shifts into a deep consolidation in the form of a high-level pullback.
Now price is pressing toward the support line at 4310—since falling from 4376, the candlesticks have almost all closed bearish. The bulls’ momentum has been met with a bucket of cold water, and market sentiment is clearly tilting toward the bears.
Next we watch two “gates,” 4310 and 4300: if they are broken one after another, the adjustment will dig deeper and deeper; if they can hold, the market will most likely return to the old path of range-bound consolidation.
Bullish trigger: pull back to 4310—4300 and stabilize. Stop-loss: 4290. Targets: 4350 and 4380;
Bearish trigger: a valid breakdown below 4300. Give up the “northward” plan, go short in line with the trend. Targets: 4280 and 4250. #BTC
Let’s look at the candlestick formation only: gold surged from 4274 and jumped straight up to 4376. After this rally runs out of steam, the market shifts into a deep consolidation in the form of a high-level pullback.
Now price is pressing toward the support line at 4310—since falling from 4376, the candlesticks have almost all closed bearish. The bulls’ momentum has been met with a bucket of cold water, and market sentiment is clearly tilting toward the bears.
Next we watch two “gates,” 4310 and 4300: if they are broken one after another, the adjustment will dig deeper and deeper; if they can hold, the market will most likely return to the old path of range-bound consolidation.
Bullish trigger: pull back to 4310—4300 and stabilize. Stop-loss: 4290. Targets: 4350 and 4380;
Bearish trigger: a valid breakdown below 4300. Give up the “northward” plan, go short in line with the trend. Targets: 4280 and 4250. #BTC