🔥10/8 $XAU Gold Wednesday recap｜The first shorting opportunity from the M5 model’s blackout signal hit its target successfully. Yesterday’s planned long entries at 4125 and 4110 were triggered and stopped out.
Market: Gold moved lower in a choppy Asian session from 4170, bottoming at 4065 before rebounding. It then climbed to 4127 during the US session before falling again. The day’s range was 1036 points, closing with a long lower shadow on a bearish candle.
Key fundamentals: The New York Fed’s one-year inflation expectations came in well above forecasts at 3.9%, while the 10-year US Treasury yield broke above 5.30%. The Fed minutes were hawkish, with officials highlighting upside risks to inflation and the possibility of another rate hike this year.
Crude oil broke above $100, but global gold ETFs saw net inflows of $31 billion in the third quarter, while continued central-bank gold purchases provided support for prices.
Today’s market: In early trading, gold moved higher in a choppy fashion and broke through 4140, as part of an oversold rebound.
✅ Strategy: Focus mainly on selling into rallies. Entry: Short positions near 4150 / 4170
Take profit: 150–250 points
Stop loss: 4175
Resistance: 4160, 4180, 4190, 4225
Support: 4070, 4050, 4020
Key events: US initial jobless claims, ECB meeting minutes, and a speech by the Bank of England governor. Beware of sharp volatility around the data.
Market: Gold moved lower in a choppy Asian session from 4170, bottoming at 4065 before rebounding. It then climbed to 4127 during the US session before falling again. The day’s range was 1036 points, closing with a long lower shadow on a bearish candle.
Key fundamentals: The New York Fed’s one-year inflation expectations came in well above forecasts at 3.9%, while the 10-year US Treasury yield broke above 5.30%. The Fed minutes were hawkish, with officials highlighting upside risks to inflation and the possibility of another rate hike this year.
Crude oil broke above $100, but global gold ETFs saw net inflows of $31 billion in the third quarter, while continued central-bank gold purchases provided support for prices.
Today’s market: In early trading, gold moved higher in a choppy fashion and broke through 4140, as part of an oversold rebound.
✅ Strategy: Focus mainly on selling into rallies. Entry: Short positions near 4150 / 4170
Take profit: 150–250 points
Stop loss: 4175
Resistance: 4160, 4180, 4190, 4225
Support: 4070, 4050, 4020
Key events: US initial jobless claims, ECB meeting minutes, and a speech by the Bank of England governor. Beware of sharp volatility around the data.