October 5 Jinman Gold Midnight Commentary:
Spot gold rose and then retreated during the day. After opening at 4142.09 in the morning, it fluctuated higher, then came under pressure and plunged after reaching a high of 4170.39 in the evening. It dipped to a low of 4123.22 before stabilizing and edging back up. It is currently trading around 4137.48. Bulls and bears are fiercely contesting the market, and volatility has increased significantly.
On the news front, expectations for the Federal Reserve’s rate-cut path have once again diverged. A short-term surge in the US Dollar Index has weighed on gold prices. Meanwhile, with the market positioning ahead of next week’s major data releases, short-term traders have taken profits en masse, and concentrated selling pressure has driven gold prices sharply lower.
Technically, on the 4-hour chart, prices have fallen below the short-term moving averages, while the Bollinger Bands are pointing lower overall. The key support zone below is 4120–4110, while 4155–4170 has become strong resistance. MACD bullish momentum has faded, the first green histogram bars have appeared, and the signal lines show signs of turning down. The broader bearish outlook remains unchanged.
Trading reference: Consider scaling into short positions on a rebound into the 4145–4165 range, targeting 4120 and 4100.
#黄金 $BTC $ETH
Spot gold rose and then retreated during the day. After opening at 4142.09 in the morning, it fluctuated higher, then came under pressure and plunged after reaching a high of 4170.39 in the evening. It dipped to a low of 4123.22 before stabilizing and edging back up. It is currently trading around 4137.48. Bulls and bears are fiercely contesting the market, and volatility has increased significantly.
On the news front, expectations for the Federal Reserve’s rate-cut path have once again diverged. A short-term surge in the US Dollar Index has weighed on gold prices. Meanwhile, with the market positioning ahead of next week’s major data releases, short-term traders have taken profits en masse, and concentrated selling pressure has driven gold prices sharply lower.
Technically, on the 4-hour chart, prices have fallen below the short-term moving averages, while the Bollinger Bands are pointing lower overall. The key support zone below is 4120–4110, while 4155–4170 has become strong resistance. MACD bullish momentum has faded, the first green histogram bars have appeared, and the signal lines show signs of turning down. The broader bearish outlook remains unchanged.
Trading reference: Consider scaling into short positions on a rebound into the 4145–4165 range, targeting 4120 and 4100.
#黄金 $BTC $ETH