Today's market analysis $XAU Gold:
4070 is the lower support and 4220 the upper resistance. Strong support is at 3950–4000, so there isn't much room to fall. After the sharp drop in September, the market has been moving sideways and shaking out positions throughout October, just like in July. If it can't break above 4220, it may pull back to 4070–4100.
Don't bet on a one-way move in the short term; trade within the 4070–4220 range. Today, look to go long first around 4112–4080. After the range-bound phase, I lean toward a rebound, but wait for a clear breakout from the range before switching to a trend-following approach.
4070 is the lower support and 4220 the upper resistance. Strong support is at 3950–4000, so there isn't much room to fall. After the sharp drop in September, the market has been moving sideways and shaking out positions throughout October, just like in July. If it can't break above 4220, it may pull back to 4070–4100.
Don't bet on a one-way move in the short term; trade within the 4070–4220 range. Today, look to go long first around 4112–4080. After the range-bound phase, I lean toward a rebound, but wait for a clear breakout from the range before switching to a trend-following approach.
