10.22 Chen Jie’s Morning Analysis
On Thursday, pay close attention to U.S. initial jobless claims for the week and changes in the U.S. Leading Economic Index. Official reserves were unchanged at +23.02 tonnes, while institutional holdings fell by 2.57 tonnes. Gold opened at 4138, touched 4145 in the morning, then fluctuated lower and is now testing around 4118. On the chart, after dipping to 4104 overnight, the price quickly rebounded to 4145. It pulled back in the morning but remains firmly above last night’s low, with solid support still holding in the 4100–4105 range. The broader swing lows at 4066 and 4073 remain intact. The bullish base still has the upper hand, so the intraday outlook remains to look for an upward move after a pullback.
Daily and 4-hour charts: The daily lower Bollinger Band is at 4077, with mid-band resistance at 4154. On the 4-hour chart, the lower Bollinger Band is at 4096 and the mid-band at 4137. Price is consolidating below the 4-hour mid-band; the channel is broadly flattening, and the lower band is providing clear support.
1-hour and 15-minute charts: The 1-hour lower Bollinger Band is at 4109, with the mid-band at 4126. On the 15-minute chart, price has just touched the lower band at 4114 and bounced slightly; the mid-band is at 4129. Price is hugging the 15-minute lower band, but remains some distance above last night’s strong support platform at 4104. Avoid chasing entries blindly; it is safer to wait for a pullback into the deeper support zone below the 1-hour lower band.
Trading strategy
Look for long positions near 4095–4105, targeting 4135–4165–4200. Risk control: 4181#xau $XAU
On Thursday, pay close attention to U.S. initial jobless claims for the week and changes in the U.S. Leading Economic Index. Official reserves were unchanged at +23.02 tonnes, while institutional holdings fell by 2.57 tonnes. Gold opened at 4138, touched 4145 in the morning, then fluctuated lower and is now testing around 4118. On the chart, after dipping to 4104 overnight, the price quickly rebounded to 4145. It pulled back in the morning but remains firmly above last night’s low, with solid support still holding in the 4100–4105 range. The broader swing lows at 4066 and 4073 remain intact. The bullish base still has the upper hand, so the intraday outlook remains to look for an upward move after a pullback.
Daily and 4-hour charts: The daily lower Bollinger Band is at 4077, with mid-band resistance at 4154. On the 4-hour chart, the lower Bollinger Band is at 4096 and the mid-band at 4137. Price is consolidating below the 4-hour mid-band; the channel is broadly flattening, and the lower band is providing clear support.
1-hour and 15-minute charts: The 1-hour lower Bollinger Band is at 4109, with the mid-band at 4126. On the 15-minute chart, price has just touched the lower band at 4114 and bounced slightly; the mid-band is at 4129. Price is hugging the 15-minute lower band, but remains some distance above last night’s strong support platform at 4104. Avoid chasing entries blindly; it is safer to wait for a pullback into the deeper support zone below the 1-hour lower band.
Trading strategy
Look for long positions near 4095–4105, targeting 4135–4165–4200. Risk control: 4181#xau $XAU