10.19 Morning Analysis
Gold made a technical recovery overnight after testing the lows. Strong support below helped prices rebound from their lows, and gold is currently consolidating around 4172 as it gathers momentum.
On the weekly chart, prices remain confined within a broad trading range, with bullish and bearish momentum balanced and no clear directional trend established. For the market to open up further upside, prices must hold firmly above the top of the range to confirm a breakout from the consolidation pattern. Until then, prioritize a range-trading approach.
Trading Recommendations
If a rebound reaches the 4190–4205 resistance zone and meets selling pressure, consider opening short positions. Staggered targets: 4170 → 4145 → 4110. Maintain strict risk controls, and do not anticipate a breakout before it occurs.
Gold made a technical recovery overnight after testing the lows. Strong support below helped prices rebound from their lows, and gold is currently consolidating around 4172 as it gathers momentum.
On the weekly chart, prices remain confined within a broad trading range, with bullish and bearish momentum balanced and no clear directional trend established. For the market to open up further upside, prices must hold firmly above the top of the range to confirm a breakout from the consolidation pattern. Until then, prioritize a range-trading approach.
Trading Recommendations
If a rebound reaches the 4190–4205 resistance zone and meets selling pressure, consider opening short positions. Staggered targets: 4170 → 4145 → 4110. Maintain strict risk controls, and do not anticipate a breakout before it occurs.