10.12 Gold Morning Brief
Spot gold edged lower and fluctuated during the morning session, with the current price trading around 4187. The intraday low was 4184.82, while the intraday high reached 4199.51.
On the 4-hour chart, the rebound trend that began at 4066 remains intact. On the 1-hour chart, after touching a high of 4199, the price failed to continue its upward push and instead edged lower and moved sideways. Bullish momentum remains, but with the price approaching the resistance zone above, there is some risk of near-term pressure. Watch for a pullback if the price meets resistance after rising.
Key levels
Resistance: 4198–4208
Support: 4145–4155
Trading strategy
It is not advisable to chase prices higher this morning. Near the 4198–4208 resistance zone, consider taking a small short position, targeting 4155–4145.
Note: With CPI data due soon after the morning session begins, market sentiment is cautious and price movements may be choppy. Be sure to strictly manage position sizes and take appropriate risk precautions.$XAU
Spot gold edged lower and fluctuated during the morning session, with the current price trading around 4187. The intraday low was 4184.82, while the intraday high reached 4199.51.
On the 4-hour chart, the rebound trend that began at 4066 remains intact. On the 1-hour chart, after touching a high of 4199, the price failed to continue its upward push and instead edged lower and moved sideways. Bullish momentum remains, but with the price approaching the resistance zone above, there is some risk of near-term pressure. Watch for a pullback if the price meets resistance after rising.
Key levels
Resistance: 4198–4208
Support: 4145–4155
Trading strategy
It is not advisable to chase prices higher this morning. Near the 4198–4208 resistance zone, consider taking a small short position, targeting 4155–4145.
Note: With CPI data due soon after the morning session begins, market sentiment is cautious and price movements may be choppy. Be sure to strictly manage position sizes and take appropriate risk precautions.$XAU