10.1 Chen Jie Midday Analysis
In the evening, focus on the key events for the U.S. this week’s initial jobless claims (expected 200K) and pre-NFP sentiment. Official reserves continue to provide support (+20.22 tons), and ETF selling has narrowed to -1.71 tons. After probing the low at 4139 in the morning, a strong rebound kicked in, with a peak at 4192; price is currently trading around 4179. After the low, the market rebounded strongly. The intraday tone has been set as “follow the higher bottom, and buy on pullbacks supported by key levels.”
Before the morning low at 4139 breaks, the daily price held above the prior low 4110. The daily candle closed with a firm lower shadow, supported by the lower rail of the Bollinger Bands (4131), forming a typical right-side higher-bottom structure.
The candle body has already strongly moved above the 4-hour Bollinger middle band (4159) and the 1-hour Bollinger middle band (4167). The moving averages have started turning upward to provide support.
Currently, the 15-minute (4197), 1-hour (4199), and the 4-hour upper rail (4199) are converging at 4198–4200 to form a key watershed. Once a breakout occurs with increased volume, the price could extend again toward the yesterday’s high of 4219.
Trading Strategy
Near 4170–4180, take the opportunity to target 4210–4240–4270. Risk control: 4157 #xau $XAU
In the evening, focus on the key events for the U.S. this week’s initial jobless claims (expected 200K) and pre-NFP sentiment. Official reserves continue to provide support (+20.22 tons), and ETF selling has narrowed to -1.71 tons. After probing the low at 4139 in the morning, a strong rebound kicked in, with a peak at 4192; price is currently trading around 4179. After the low, the market rebounded strongly. The intraday tone has been set as “follow the higher bottom, and buy on pullbacks supported by key levels.”
Before the morning low at 4139 breaks, the daily price held above the prior low 4110. The daily candle closed with a firm lower shadow, supported by the lower rail of the Bollinger Bands (4131), forming a typical right-side higher-bottom structure.
The candle body has already strongly moved above the 4-hour Bollinger middle band (4159) and the 1-hour Bollinger middle band (4167). The moving averages have started turning upward to provide support.
Currently, the 15-minute (4197), 1-hour (4199), and the 4-hour upper rail (4199) are converging at 4198–4200 to form a key watershed. Once a breakout occurs with increased volume, the price could extend again toward the yesterday’s high of 4219.
Trading Strategy
Near 4170–4180, take the opportunity to target 4210–4240–4270. Risk control: 4157 #xau $XAU
