10.16 Lao Sen’s Gold Outlook: #XAU
Guys, here’s today’s gold outlook. If you’re thinking of trading gold, take a look 👇👇
Let’s first review yesterday’s gold price action. After stabilizing at lower levels, buyers began pushing prices back up. During the session, gold rose as high as the 4177 area. After hitting resistance from previous positions, bullish momentum failed to follow through, and prices gradually pulled back from their highs. By the morning open, prices were consolidating around 4160.
Here’s my take: The foundation for this rebound from the lows remains intact. However, after yesterday’s sharp rally, hourly indicators have entered overbought territory, while selling pressure from overhead positions is gradually emerging. This means a short-term pullback to digest profits is possible. So I don’t recommend chasing prices higher. My approach remains to wait for a pullback to support and look for opportunities to buy at lower levels.
Trade plan:
Keep a close eye on the 4130–4150 support zone below. If prices pull back to this area and stabilize, you can consider entering a short-term long position. A stop can be placed near 4110, with the previous high as the initial target.
That’s my view and trading plan for gold. For reference only!!
#澳大利亚提议加密交易申报法案 #沃什推动缩减前瞻指引和点阵图 #美国9月PPI年率升至6.3% $SKHYNIX $BTC
Guys, here’s today’s gold outlook. If you’re thinking of trading gold, take a look 👇👇
Let’s first review yesterday’s gold price action. After stabilizing at lower levels, buyers began pushing prices back up. During the session, gold rose as high as the 4177 area. After hitting resistance from previous positions, bullish momentum failed to follow through, and prices gradually pulled back from their highs. By the morning open, prices were consolidating around 4160.
Here’s my take: The foundation for this rebound from the lows remains intact. However, after yesterday’s sharp rally, hourly indicators have entered overbought territory, while selling pressure from overhead positions is gradually emerging. This means a short-term pullback to digest profits is possible. So I don’t recommend chasing prices higher. My approach remains to wait for a pullback to support and look for opportunities to buy at lower levels.
Trade plan:
Keep a close eye on the 4130–4150 support zone below. If prices pull back to this area and stabilize, you can consider entering a short-term long position. A stop can be placed near 4110, with the previous high as the initial target.
That’s my view and trading plan for gold. For reference only!!
#澳大利亚提议加密交易申报法案 #沃什推动缩减前瞻指引和点阵图 #美国9月PPI年率升至6.3% $SKHYNIX $BTC