Gold: Intraday Outlook (10/7):
(This daily outlook is solely my personal market analysis and forecast. It should not be used as a basis for copy trading. Trading involves risk, so please prioritize risk management!)
First, we should understand that the current market is forming the right foot of a daily-chart “head and shoulders” pattern.
Will the right-foot wick extend down or not? And how will it form?
That depends on how the resistance at 4220 is overcome.
The best way to overcome it would be to push below 4000. However, if the price consolidates in the 4100–4200 range for long enough, the pattern could also change.
So we still need to pay close attention to the 4100 area in the coming moves.
If the price breaks below 4100, then within the 4000–4100 range, we should also watch 4080, 4065, 4055, 4040, 4020, 4010, and 4000.
Now, back to the intraday outlook:
The current price is 4162, which is relatively high for today. The main resistance area above is between 4187 and 4196.
The 4100 area below still needs to be tested.
Based on yesterday's price action, it seems difficult to hold short-term trades for longer.
This is especially true for current short positions.
If looking to go long around 4100, it would likewise be unwise to hold the position for too long, because given the current pattern, 4100 cannot yet be considered a bottom.#XAUUSD $XAU
(This daily outlook is solely my personal market analysis and forecast. It should not be used as a basis for copy trading. Trading involves risk, so please prioritize risk management!)
First, we should understand that the current market is forming the right foot of a daily-chart “head and shoulders” pattern.
Will the right-foot wick extend down or not? And how will it form?
That depends on how the resistance at 4220 is overcome.
The best way to overcome it would be to push below 4000. However, if the price consolidates in the 4100–4200 range for long enough, the pattern could also change.
So we still need to pay close attention to the 4100 area in the coming moves.
If the price breaks below 4100, then within the 4000–4100 range, we should also watch 4080, 4065, 4055, 4040, 4020, 4010, and 4000.
Now, back to the intraday outlook:
The current price is 4162, which is relatively high for today. The main resistance area above is between 4187 and 4196.
The 4100 area below still needs to be tested.
Based on yesterday's price action, it seems difficult to hold short-term trades for longer.
This is especially true for current short positions.
If looking to go long around 4100, it would likewise be unwise to hold the position for too long, because given the current pattern, 4100 cannot yet be considered a bottom.#XAUUSD $XAU