10.09 Gold Midday Commentary
Spot gold gained momentum at midday and surged. The price is currently trading near 4179, with an intraday low of 4131 and a high of 4185.71. Short-term bulls have begun a fresh acceleration higher.
On the 4-hour chart, the rebound that began at the low of 4066 has extended further, with the price breaking above the short-term consolidation range. The 1-hour chart shows a strong run of consecutive bullish candles, as short-term bullish momentum plays out. However, with price nearing overhead resistance, beware of a pullback after the rise.
Key Levels
Resistance: 4186‑4198
Support: 4162‑4150
Trading Plan
Avoid blindly chasing the rally in the short term. Near the 4185‑4200 resistance zone, consider a short position, targeting a move back to 4160-4150. If support holds on a pullback, consider looking for a buying opportunity at lower levels.
After midday, wait for the European and U.S. sessions to take over. Volatility may increase after the rally, so manage position size strictly and maintain sound risk controls. $XAU
Spot gold gained momentum at midday and surged. The price is currently trading near 4179, with an intraday low of 4131 and a high of 4185.71. Short-term bulls have begun a fresh acceleration higher.
On the 4-hour chart, the rebound that began at the low of 4066 has extended further, with the price breaking above the short-term consolidation range. The 1-hour chart shows a strong run of consecutive bullish candles, as short-term bullish momentum plays out. However, with price nearing overhead resistance, beware of a pullback after the rise.
Key Levels
Resistance: 4186‑4198
Support: 4162‑4150
Trading Plan
Avoid blindly chasing the rally in the short term. Near the 4185‑4200 resistance zone, consider a short position, targeting a move back to 4160-4150. If support holds on a pullback, consider looking for a buying opportunity at lower levels.
After midday, wait for the European and U.S. sessions to take over. Volatility may increase after the rally, so manage position size strictly and maintain sound risk controls. $XAU