October 8 Morning Market Outlook and Strategy
After a sharp previous drop, gold prices entered a low-level consolidation and recovery phase. The moving averages on the one-hour chart are gradually flattening, with the 5- and 10-period moving averages converging. Bulls and bears are temporarily balanced, and the decline has slowed. Overall, the market is consolidating after a steep drop and has yet to show a clear bullish reversal.
Short-term resistance is at 4115–4120 (the 20-day moving average), with stronger resistance around 4139. Short-term support is at 4103.44, and the key defensive low is 4066.42. If that low is broken, the bearish trend is likely to resume.
Recommendation
Go long at 4080–4100, with targets at 4120–4140#黄金 $XAU
After a sharp previous drop, gold prices entered a low-level consolidation and recovery phase. The moving averages on the one-hour chart are gradually flattening, with the 5- and 10-period moving averages converging. Bulls and bears are temporarily balanced, and the decline has slowed. Overall, the market is consolidating after a steep drop and has yet to show a clear bullish reversal.
Short-term resistance is at 4115–4120 (the 20-day moving average), with stronger resistance around 4139. Short-term support is at 4103.44, and the key defensive low is 4066.42. If that low is broken, the bearish trend is likely to resume.
Recommendation
Go long at 4080–4100, with targets at 4120–4140#黄金 $XAU