Gold to Think Next Week (10/5-10/9):
You may refer to the video analysis for next week’s outlook.
The downside momentum after the drop from 4226 on Friday night was strong. It’s expected that next week will break below the prior low around 4110;
However, before that, there is some support in the 4120 area.
The main resistance above is around 4178, with secondary resistance around 4165. Both of these are good entry points for short positions.
On the daily chart, there are signs of a “gate” pattern. On the “right side” of the “gate,” you can take a secondary-bottom position to observe the strength of any rebound: if the rebound is strong, the second wave of upside may begin; if the rebound is weak, the market will continue to trade lower in a range.
As for the approximate location of the right-bottom, based on the lines drawn this morning, it may be in the 3970 area or the 3990 area. In addition, the support around 4055 should not be ignored.
That’s all I can see for now—looking forward to how it opens on Monday.#XAUUSD $XAU
You may refer to the video analysis for next week’s outlook.
The downside momentum after the drop from 4226 on Friday night was strong. It’s expected that next week will break below the prior low around 4110;
However, before that, there is some support in the 4120 area.
The main resistance above is around 4178, with secondary resistance around 4165. Both of these are good entry points for short positions.
On the daily chart, there are signs of a “gate” pattern. On the “right side” of the “gate,” you can take a secondary-bottom position to observe the strength of any rebound: if the rebound is strong, the second wave of upside may begin; if the rebound is weak, the market will continue to trade lower in a range.
As for the approximate location of the right-bottom, based on the lines drawn this morning, it may be in the 3970 area or the 3990 area. In addition, the support around 4055 should not be ignored.
That’s all I can see for now—looking forward to how it opens on Monday.#XAUUSD $XAU