10.22 Chen Jie Midday Analysis
On Thursday, pay close attention to U.S. weekly initial jobless claims and changes in the U.S. leading indicators. Official reserves held steady at +23.02 tonnes, while institutional holdings fell by 2.57 tonnes. After dropping from 4145 in the morning, prices tested 4066 in the afternoon before rebounding quickly, and have now recovered to around 4095. The chart showed a clear long lower wick, with prices bouncing sharply after touching the October 7 low of 4066 and forming triple-bottom support. Despite intraday pressure, the key support base was not breached by the candle body, and most of the bears’ downside momentum has been exhausted.
Daily and 4-hour charts: The daily lower Bollinger Band is at 4073. The low of 4066 briefly dipped below it before recovering; the middle band is resistance at 4153. On the 4-hour chart, the lower Bollinger Band is at 4086, and 4095 has moved back above it. The middle band is at 4129, with significant support emerging at the bottom.
1-hour and 15-minute charts: The 1-hour lower Bollinger Band is at 4088 and the middle band at 4120. On the 15-minute chart, prices have rallied sharply from the lower band at 4074, forming a strong bullish candle with a long lower wick and approaching the middle band at 4099. Since prices have already surged nearly 30 points from the short-term low, avoid chasing the rally above 4095. It is safer to wait for a pullback and confirmation before entering.
Trading strategy
Go long around 4075–4085, targeting 4115, 4145, and 4180; risk-control level: 4056#xau $XAU
On Thursday, pay close attention to U.S. weekly initial jobless claims and changes in the U.S. leading indicators. Official reserves held steady at +23.02 tonnes, while institutional holdings fell by 2.57 tonnes. After dropping from 4145 in the morning, prices tested 4066 in the afternoon before rebounding quickly, and have now recovered to around 4095. The chart showed a clear long lower wick, with prices bouncing sharply after touching the October 7 low of 4066 and forming triple-bottom support. Despite intraday pressure, the key support base was not breached by the candle body, and most of the bears’ downside momentum has been exhausted.
Daily and 4-hour charts: The daily lower Bollinger Band is at 4073. The low of 4066 briefly dipped below it before recovering; the middle band is resistance at 4153. On the 4-hour chart, the lower Bollinger Band is at 4086, and 4095 has moved back above it. The middle band is at 4129, with significant support emerging at the bottom.
1-hour and 15-minute charts: The 1-hour lower Bollinger Band is at 4088 and the middle band at 4120. On the 15-minute chart, prices have rallied sharply from the lower band at 4074, forming a strong bullish candle with a long lower wick and approaching the middle band at 4099. Since prices have already surged nearly 30 points from the short-term low, avoid chasing the rally above 4095. It is safer to wait for a pullback and confirmation before entering.
Trading strategy
Go long around 4075–4085, targeting 4115, 4145, and 4180; risk-control level: 4056#xau $XAU