11.3 Chen Jie Night Analysis
Tuesday will focus on the U.S. midterm elections and the RBA rate decision. Official reserves held steady at +23.02 tons, while institutional holdings increased by 0.57 tons. Since stabilizing at 3880, it formed a double bottom with last Friday's 3870 low, then surged more than 92 points in a one-sided move to 3970, now trading around 3969. The long bullish candle reclaimed the 3900 mark, the daily lower band, and the previous historical base, forming a break-bottom-reversal structure. In the early morning, following the reversal momentum, maintain the view of buying on pullbacks and then looking higher
The daily chart has moved back above the lower band (3927), while the 12-hour chart has also moved above the lower band (3897). The swing recovery space has now opened up toward the 12-hour middle band at 4032; the 1-hour moving averages are diverging upward, with the middle band rising to 3910, and support at the bottom remains solid
After the U.S. session surged more than 90 points, the 1-hour and 15-minute RSI have both risen into overbought territory above 80, and the current price is close to the 4-hour middle band (3981). Chasing directly at elevated levels is prone to profit-taking. Below, the 3934–3944 area overlaps with the 15-minute middle band (3940) and is backed by the daily lower band, so waiting for a pullback and stabilization before adding is more prudent
Trading strategy
Go long around 3935-3945, target 3975-4005-4035, stop loss 3916#xau $XAU
Tuesday will focus on the U.S. midterm elections and the RBA rate decision. Official reserves held steady at +23.02 tons, while institutional holdings increased by 0.57 tons. Since stabilizing at 3880, it formed a double bottom with last Friday's 3870 low, then surged more than 92 points in a one-sided move to 3970, now trading around 3969. The long bullish candle reclaimed the 3900 mark, the daily lower band, and the previous historical base, forming a break-bottom-reversal structure. In the early morning, following the reversal momentum, maintain the view of buying on pullbacks and then looking higher
The daily chart has moved back above the lower band (3927), while the 12-hour chart has also moved above the lower band (3897). The swing recovery space has now opened up toward the 12-hour middle band at 4032; the 1-hour moving averages are diverging upward, with the middle band rising to 3910, and support at the bottom remains solid
After the U.S. session surged more than 90 points, the 1-hour and 15-minute RSI have both risen into overbought territory above 80, and the current price is close to the 4-hour middle band (3981). Chasing directly at elevated levels is prone to profit-taking. Below, the 3934–3944 area overlaps with the 15-minute middle band (3940) and is backed by the daily lower band, so waiting for a pullback and stabilization before adding is more prudent
Trading strategy
Go long around 3935-3945, target 3975-4005-4035, stop loss 3916#xau $XAU
