【October 9】 $XAU
The daily candle closed bullish, moving back inside the consolidation range. This is a somewhat bullish move; to confirm strength, price needs to continue moving up and break out of the consolidation range.
Yesterday, the 4-hour chart moved up and down around 4110 for a long time before finally deciding to continue higher. The recent candles have closed with solid bodies.
The 1-hour chart is in an uptrend on the right-hand side. It currently looks to have broken above the short-term descending trendline. If price can hold above 4220 going forward, it could make a fairly strong move.
Based on gold’s tendency when rallying, if it intends to make a strong move higher this time, it must hold above 4169 on a pullback. If it breaks below that level, the correction could be quite deep. Further upside targets are 4200/4220.
#Gold
The daily candle closed bullish, moving back inside the consolidation range. This is a somewhat bullish move; to confirm strength, price needs to continue moving up and break out of the consolidation range.
Yesterday, the 4-hour chart moved up and down around 4110 for a long time before finally deciding to continue higher. The recent candles have closed with solid bodies.
The 1-hour chart is in an uptrend on the right-hand side. It currently looks to have broken above the short-term descending trendline. If price can hold above 4220 going forward, it could make a fairly strong move.
Based on gold’s tendency when rallying, if it intends to make a strong move higher this time, it must hold above 4169 on a pullback. If it breaks below that level, the correction could be quite deep. Further upside targets are 4200/4220.
#Gold