【October 13】 $XAU
After showing initial strength on the daily chart, there was no follow-through. Yesterday closed as a bearish candle, and overall, price has still not broken out of the consolidation range. During the day, watch for a fill of the gap up at 4145. Price may also return to the bottom of the range or resume its downward structure and continue lower.
A new high has appeared on the 4-hour chart, breaking the previous bearish market structure. If bullish, treat the current decline as a pullback and watch 4145–4136. Price struggled at 4169 for three candles and may now continue lower. Overall, price is still within the 4220–4110 consolidation range, so it is not particularly strong.
On the 1-hour chart, price continued higher yesterday, reaching the previous high of 4207 before falling back and starting to weaken. It has now fallen below the key RS4169 level and the short-term rising trendline, which is not a good sign. To trade in line with the 1-hour bearish structure, watch for a rebound near 4166 as a short entry. For longs, continue to watch 4145–4136; consider an attempt if a bullish structure forms on a lower timeframe.
#Gold
After showing initial strength on the daily chart, there was no follow-through. Yesterday closed as a bearish candle, and overall, price has still not broken out of the consolidation range. During the day, watch for a fill of the gap up at 4145. Price may also return to the bottom of the range or resume its downward structure and continue lower.
A new high has appeared on the 4-hour chart, breaking the previous bearish market structure. If bullish, treat the current decline as a pullback and watch 4145–4136. Price struggled at 4169 for three candles and may now continue lower. Overall, price is still within the 4220–4110 consolidation range, so it is not particularly strong.
On the 1-hour chart, price continued higher yesterday, reaching the previous high of 4207 before falling back and starting to weaken. It has now fallen below the key RS4169 level and the short-term rising trendline, which is not a good sign. To trade in line with the 1-hour bearish structure, watch for a rebound near 4166 as a short entry. For longs, continue to watch 4145–4136; consider an attempt if a bullish structure forms on a lower timeframe.
#Gold