Chen Jie’s market trend review for this week (10.5-10.10)
This week showed a typical wide-range shakeout pattern. The weekly outlook called for building positions in the 4165-4195 area, with downside targets at 4115-4065-3965 and a defense level set at 4238. The market throughout the week moved entirely within the established strategy framework: price did not touch the 4238 defense line, came under pressure and fell sharply midweek, hitting a low of 4066, accurately reaching the two staged targets of 4115 and 4065, and the long positions were successfully realized. It then bottomed and rebounded, closing near 4194 at the end of the week
On the news side, in the first half of the week, the strengthening US dollar index and persistently high US Treasury yields created strong pressure, directly contributing to the sharp drop that broke below 4100 and fell to 4066; in the second half of the week, as the Federal Reserve released the minutes of its monetary policy meeting, expectations for interest rate hikes quickly cooled, and bulls took advantage of the rebound, driving a strong recovery from the lows and returning to high-level consolidation
On the technical side, price has now firmly moved back above the middle band (4147) and is approaching the upper resistance zone (4210). The trend has returned to the dense resistance area at the beginning of the week from which it started to fall #xau $XAU
This week showed a typical wide-range shakeout pattern. The weekly outlook called for building positions in the 4165-4195 area, with downside targets at 4115-4065-3965 and a defense level set at 4238. The market throughout the week moved entirely within the established strategy framework: price did not touch the 4238 defense line, came under pressure and fell sharply midweek, hitting a low of 4066, accurately reaching the two staged targets of 4115 and 4065, and the long positions were successfully realized. It then bottomed and rebounded, closing near 4194 at the end of the week
On the news side, in the first half of the week, the strengthening US dollar index and persistently high US Treasury yields created strong pressure, directly contributing to the sharp drop that broke below 4100 and fell to 4066; in the second half of the week, as the Federal Reserve released the minutes of its monetary policy meeting, expectations for interest rate hikes quickly cooled, and bulls took advantage of the rebound, driving a strong recovery from the lows and returning to high-level consolidation
On the technical side, price has now firmly moved back above the middle band (4147) and is approaching the upper resistance zone (4210). The trend has returned to the dense resistance area at the beginning of the week from which it started to fall #xau $XAU