10.12 Gold Outlook
Last Friday, gold bulls gained momentum during the day session. After fluctuating at the open, prices broke above resistance and climbed to 4207 before the U.S. session. Momentum waned during the U.S. session, and prices pulled back to the 4170–4175 range for a technical correction before continuing to fluctuate within a narrow range. The previous high was not retested, and gold eventually closed at 4194. In the short term, the market has entered a consolidation phase as it builds momentum.
On the 4-hour chart, the rebound from the low of 4066 has been marked by progressively higher lows, completing a mid-term structural recovery from a downtrend to a rebound. Prices are currently below the upper Bollinger Band and facing resistance near it, with short-term consolidation at elevated levels. The rebound trend remains intact. Avoid chasing prices at current levels; look to go long on pullbacks.
Trade plan: Go long at 4150–4170; set a stop-loss below 4140; target 4220–4230 (consider going short if resistance holds).
(These are personal suggestions for reference only. Actual trading conditions should take precedence.)#XAU $XAU
Last Friday, gold bulls gained momentum during the day session. After fluctuating at the open, prices broke above resistance and climbed to 4207 before the U.S. session. Momentum waned during the U.S. session, and prices pulled back to the 4170–4175 range for a technical correction before continuing to fluctuate within a narrow range. The previous high was not retested, and gold eventually closed at 4194. In the short term, the market has entered a consolidation phase as it builds momentum.
On the 4-hour chart, the rebound from the low of 4066 has been marked by progressively higher lows, completing a mid-term structural recovery from a downtrend to a rebound. Prices are currently below the upper Bollinger Band and facing resistance near it, with short-term consolidation at elevated levels. The rebound trend remains intact. Avoid chasing prices at current levels; look to go long on pullbacks.
Trade plan: Go long at 4150–4170; set a stop-loss below 4140; target 4220–4230 (consider going short if resistance holds).
(These are personal suggestions for reference only. Actual trading conditions should take precedence.)#XAU $XAU