Daily Gold, Morning Session (11/3):
(Daily Gold is only a personal forecast for short-term intraday trading and should not be used as a basis for copy trading. Trading involves risk, so please prioritize risk management!)
Yesterday, gold’s pullback was slightly larger than expected, but still within reason—and it even fell a bit short of the 3986 level anticipated last night.
The market didn’t accelerate downward; instead, it followed a corrective path.
So today, it could either head back down again, or continue correcting and then break lower in one fell swoop once the time is right.
If gold heads straight back down today, the 3860–3870 area will be the main support. A break below this area could accelerate the decline.
If it continues to consolidate and correct, resistance today will be in the 3980–3990 area. If the price reaches this area, it may not fall as quickly; it could consolidate for another couple of days before moving lower.
Gold remains in a descending channel; a rebound is not a reversal.
If gold makes an especially extreme move and tests the upper channel line, that line will be near 4060 today.#XAUUSD $XAU
(Daily Gold is only a personal forecast for short-term intraday trading and should not be used as a basis for copy trading. Trading involves risk, so please prioritize risk management!)
Yesterday, gold’s pullback was slightly larger than expected, but still within reason—and it even fell a bit short of the 3986 level anticipated last night.
The market didn’t accelerate downward; instead, it followed a corrective path.
So today, it could either head back down again, or continue correcting and then break lower in one fell swoop once the time is right.
If gold heads straight back down today, the 3860–3870 area will be the main support. A break below this area could accelerate the decline.
If it continues to consolidate and correct, resistance today will be in the 3980–3990 area. If the price reaches this area, it may not fall as quickly; it could consolidate for another couple of days before moving lower.
Gold remains in a descending channel; a rebound is not a reversal.
If gold makes an especially extreme move and tests the upper channel line, that line will be near 4060 today.#XAUUSD $XAU
