- GOLD Update for 21/10:
During yesterday’s session, gold surged to around 4150 following news of US–Iran negotiations. However, shortly after the news was corrected, the price quickly reversed and fell sharply. This shows that gold is still under considerable pressure and has yet to establish a clear short-term uptrend.
In the short term, I lean toward the possibility that GOLD will continue to correct and retest the support area around 4100. If this level continues to hold and positive reversal signals emerge, gold could form a consolidation base before moving higher again.
=> Conclusion:
Give priority to looking for buying opportunities at the 4100 support area, but wait for confirmation. As the market remains sensitive to geopolitical news, manage risk carefully and avoid entering trades based solely on the expectation of a price rebound.
During yesterday’s session, gold surged to around 4150 following news of US–Iran negotiations. However, shortly after the news was corrected, the price quickly reversed and fell sharply. This shows that gold is still under considerable pressure and has yet to establish a clear short-term uptrend.
In the short term, I lean toward the possibility that GOLD will continue to correct and retest the support area around 4100. If this level continues to hold and positive reversal signals emerge, gold could form a consolidation base before moving higher again.
=> Conclusion:
Give priority to looking for buying opportunities at the 4100 support area, but wait for confirmation. As the market remains sensitive to geopolitical news, manage risk carefully and avoid entering trades based solely on the expectation of a price rebound.