【October 7】 $XAU
The daily candle closed bullish, but overall price has not moved out of the consolidation range. The low swept the liquidity we had been waiting for, and after filling the previous daily gap at 4106, price rebounded. The candle closed below the previous high, so it wasn't particularly strong.
On the 4-hour chart, price swept the low and then rebounded, but was repeatedly rejected at the swing high and formed a gravestone doji, suggesting a possible pullback. A break below 4152 puts 4138/4126 in view.
On the 1-hour chart, the bearish market structure on the right side has been broken. If the pullback doesn't make a new low, we can continue to look for a move higher. After sweeping the low, price made a fairly strong move up, reached 4178, then pulled back near the previous high at 4152 before moving higher again. However, it has only retested 4178 and been rejected, falling back without breaking above it. Price is now starting to weaken and has broken below the short-term ascending trendline. Watch 4170/4162 for short entries, and 4138/4126 for long entries. Further ahead, watch for a breakout around 4220 and 4110, or of the long-term descending trendline, before deciding on a direction.
#Gold
The daily candle closed bullish, but overall price has not moved out of the consolidation range. The low swept the liquidity we had been waiting for, and after filling the previous daily gap at 4106, price rebounded. The candle closed below the previous high, so it wasn't particularly strong.
On the 4-hour chart, price swept the low and then rebounded, but was repeatedly rejected at the swing high and formed a gravestone doji, suggesting a possible pullback. A break below 4152 puts 4138/4126 in view.
On the 1-hour chart, the bearish market structure on the right side has been broken. If the pullback doesn't make a new low, we can continue to look for a move higher. After sweeping the low, price made a fairly strong move up, reached 4178, then pulled back near the previous high at 4152 before moving higher again. However, it has only retested 4178 and been rejected, falling back without breaking above it. Price is now starting to weaken and has broken below the short-term ascending trendline. Watch 4170/4162 for short entries, and 4138/4126 for long entries. Further ahead, watch for a breakout around 4220 and 4110, or of the long-term descending trendline, before deciding on a direction.
#Gold