📈 Gold Faked the Breakdown at $4,073. Now It's Back Above $4,200
$4,073 on Wednesday.
$4,222 this morning.
A $150 swing in five days.
Since the late-September crash, gold has been boxed between roughly $4,116 and $4,228. Wednesday's drop broke the floor, tripped the stops, and reversed within hours. In Wyckoff terms that's a spring: a fake breakdown that shakes out sellers right before the real move.
From there, the 4H chart flipped. Price cleared the $4,181 swing high, then broke out of the weekend range this morning.
Now comes the hard part. The $4,228 ceiling is the top of the post-crash range, and just above it, $4,243 is the floor September's crash broke. Old floors love to act as new ceilings.
Levels to watch. 🎯
Hold $4,190 to $4,205, the fresh demand under price, and $4,243 is the next test.
Clear that, and the heavy supply at $4,280 to $4,320 comes into play.
Lose $4,190, and $4,106 to $4,131 has to hold again.
Below $4,073, the spring fails and the range breaks for real.
The week opened with Houthi strikes on Saudi Arabia in the headlines. Gold dipped to $4,190 at the open, and buyers stepped straight in. Wednesday's US inflation print is the wildcard: hotter inflation means higher yields, and gold hates competing with yield.
Bitcoin is testing its own ceiling this morning too, so it's breakout-or-rejection week across the board.
Range breakout above $4,228, or one more rejection at the ceiling? 🔥
Not financial advice.
$XAU
$XAUT
$PAXG
$4,073 on Wednesday.
$4,222 this morning.
A $150 swing in five days.
Since the late-September crash, gold has been boxed between roughly $4,116 and $4,228. Wednesday's drop broke the floor, tripped the stops, and reversed within hours. In Wyckoff terms that's a spring: a fake breakdown that shakes out sellers right before the real move.
From there, the 4H chart flipped. Price cleared the $4,181 swing high, then broke out of the weekend range this morning.
Now comes the hard part. The $4,228 ceiling is the top of the post-crash range, and just above it, $4,243 is the floor September's crash broke. Old floors love to act as new ceilings.
Levels to watch. 🎯
Hold $4,190 to $4,205, the fresh demand under price, and $4,243 is the next test.
Clear that, and the heavy supply at $4,280 to $4,320 comes into play.
Lose $4,190, and $4,106 to $4,131 has to hold again.
Below $4,073, the spring fails and the range breaks for real.
The week opened with Houthi strikes on Saudi Arabia in the headlines. Gold dipped to $4,190 at the open, and buyers stepped straight in. Wednesday's US inflation print is the wildcard: hotter inflation means higher yields, and gold hates competing with yield.
Bitcoin is testing its own ceiling this morning too, so it's breakout-or-rejection week across the board.
Range breakout above $4,228, or one more rejection at the ceiling? 🔥
Not financial advice.
$XAU
$XAUT
$PAXG