11.3 Gold Morning Analysis
Last night, positive news emerged about Iran peace talks, triggering a sudden surge in gold prices. Prices climbed as high as 3970, catching the market off guard with a rapid short-term rally. Today, keep a close eye on two key themes: further developments in Iran peace talks and news surrounding the U.S. midterm elections.
The first resistance zone is 3965–3970, with 3988–3990 as the key turning point for this move. Initial support lies at 3920–3925. The broader technical picture remains weak. This rally is driven solely by news, and upside potential continues to narrow while downside potential remains more ample.
Looking at the 4-hour chart, signs of resistance have gradually emerged after the price spike. Although this week's stream of news has stirred up the market, the overall bearish trend remains unchanged. The trading strategy is to sell into rallies when prices meet resistance. Avoid chasing gains at the highs or blindly chasing losses at the lows; wait patiently for a suitable entry opportunity.
Trading recommendations:
Establish short positions on a rally to 3965–3970. If prices climb further to 3980–3985, add to short positions a second time. The first target is 3920–3925. If this support is decisively broken, look for a further move down to 3900–3905.
Last night, positive news emerged about Iran peace talks, triggering a sudden surge in gold prices. Prices climbed as high as 3970, catching the market off guard with a rapid short-term rally. Today, keep a close eye on two key themes: further developments in Iran peace talks and news surrounding the U.S. midterm elections.
The first resistance zone is 3965–3970, with 3988–3990 as the key turning point for this move. Initial support lies at 3920–3925. The broader technical picture remains weak. This rally is driven solely by news, and upside potential continues to narrow while downside potential remains more ample.
Looking at the 4-hour chart, signs of resistance have gradually emerged after the price spike. Although this week's stream of news has stirred up the market, the overall bearish trend remains unchanged. The trading strategy is to sell into rallies when prices meet resistance. Avoid chasing gains at the highs or blindly chasing losses at the lows; wait patiently for a suitable entry opportunity.
Trading recommendations:
Establish short positions on a rally to 3965–3970. If prices climb further to 3980–3985, add to short positions a second time. The first target is 3920–3925. If this support is decisively broken, look for a further move down to 3900–3905.
