10.15 Chen Jie Morning Analysis
Tonight, key data to watch include the U.S. September monthly retail sales, initial jobless claims for the week ending October 10, and the U.S. September annual PPI. Central bank reserves remain unchanged at +23.02 tons.
Price action: After falling from an overnight high of 4170, the price found a floor at 4073 and did not break below the previous low of 4066, forming a secondary bottom that provided support. This morning opened at 4106, retested 4099 and confirmed support at the 4100 level, then rallied steadily to a high of 4141. The intraday gain has now exceeded $36, with the price currently trading around 4141. A series of bullish candles this morning has recovered most of the overnight decline, and buying support at lower levels remains strong.
The daily candlestick closed with a long lower shadow above the previous low and turned bullish. The lower daily Bollinger Band is at 4030, while the middle band is at 4200. With the bottom stabilizing, there is room for an upward test of the middle band.
The four-hour low of 4066 and the overnight low of 4073 form a double bottom. The price has moved back above the four-hour lower Bollinger Band (4091). The main intraday resistance above is the four-hour middle Bollinger Band at 4158.
This morning's large bullish candle broke directly above the one-hour middle Bollinger Band (4118), reversing the short-term weakness. The one-hour middle band has shifted from resistance to key intraday support, while the one-hour upper band is at 4172.
The current price of 4140 is about 13 points above the 15-minute upper Bollinger Band (4127), and the 15-minute middle band has risen to 4105. As the sharp short-term morning rally has moved the price well above the upper band, the Asian and European sessions may see a pullback to correct the indicators. Wait patiently for a retest before entering.
Trading strategy
Go long around 4115–4125, targeting 4155–4185–4215, with a stop at 4098#xau $XAU
Tonight, key data to watch include the U.S. September monthly retail sales, initial jobless claims for the week ending October 10, and the U.S. September annual PPI. Central bank reserves remain unchanged at +23.02 tons.
Price action: After falling from an overnight high of 4170, the price found a floor at 4073 and did not break below the previous low of 4066, forming a secondary bottom that provided support. This morning opened at 4106, retested 4099 and confirmed support at the 4100 level, then rallied steadily to a high of 4141. The intraday gain has now exceeded $36, with the price currently trading around 4141. A series of bullish candles this morning has recovered most of the overnight decline, and buying support at lower levels remains strong.
The daily candlestick closed with a long lower shadow above the previous low and turned bullish. The lower daily Bollinger Band is at 4030, while the middle band is at 4200. With the bottom stabilizing, there is room for an upward test of the middle band.
The four-hour low of 4066 and the overnight low of 4073 form a double bottom. The price has moved back above the four-hour lower Bollinger Band (4091). The main intraday resistance above is the four-hour middle Bollinger Band at 4158.
This morning's large bullish candle broke directly above the one-hour middle Bollinger Band (4118), reversing the short-term weakness. The one-hour middle band has shifted from resistance to key intraday support, while the one-hour upper band is at 4172.
The current price of 4140 is about 13 points above the 15-minute upper Bollinger Band (4127), and the 15-minute middle band has risen to 4105. As the sharp short-term morning rally has moved the price well above the upper band, the Asian and European sessions may see a pullback to correct the indicators. Wait patiently for a retest before entering.
Trading strategy
Go long around 4115–4125, targeting 4155–4185–4215, with a stop at 4098#xau $XAU