On September 28, gold fell sharply, hitting a low of 4110.55 before rebounding all the way to 4225.09. It then made a second test of the lows, falling back to around 4065, before rebounding again to around 4217.
On October 14, the market dipped again, falling to around 4079. From September 26 to now, gold has been moving sideways within this broad range. Be sure to stay cautious.
The key resistance above is 4215, which I’ve repeatedly mentioned today.
Within the current range, neither going long nor short offers particularly favorable risk-reward. For a higher probability of success, wait for a breakout—the market is nearing a turning point.
A recap of our gold strategy: We first opened short positions at 4650, with a stop-loss above 4710 and a final take-profit target of 4188. We captured the entire decline, and the market rebounded after dipping as low as 4000.
We then took two small long positions within the range: one around 4130, and added to it around 4052, with a take-profit target of 4172.94. After the market reached the first take-profit level, it pulled back and hit our break-even stop. We closed all our long positions and are now standing aside to wait. #XAU
On October 14, the market dipped again, falling to around 4079. From September 26 to now, gold has been moving sideways within this broad range. Be sure to stay cautious.
The key resistance above is 4215, which I’ve repeatedly mentioned today.
Within the current range, neither going long nor short offers particularly favorable risk-reward. For a higher probability of success, wait for a breakout—the market is nearing a turning point.
A recap of our gold strategy: We first opened short positions at 4650, with a stop-loss above 4710 and a final take-profit target of 4188. We captured the entire decline, and the market rebounded after dipping as low as 4000.
We then took two small long positions within the range: one around 4130, and added to it around 4052, with a take-profit target of 4172.94. After the market reached the first take-profit level, it pulled back and hit our break-even stop. We closed all our long positions and are now standing aside to wait. #XAU