Nov. 4 Luo Yi Midday Gold Analysis
Overall trend:
Gold bulls are surging, pushing prices higher and breaking through one high after another. A strong short-term trend is now established, so the core strategy is to follow the trend and go long—not to recklessly try to pick a top and go short.
Market review:
After starting at 3919 in the morning session, prices continued to rally, reaching a high of 4022.53. The current price is consolidating near 4017 at elevated levels. The 15-minute SAR support has risen to 3970, and lows continue to move higher. Bullish momentum is strong, so pullbacks are more likely to build strength for another move up.
Market outlook:
This rally is a fund-driven bullish breakout. After the consecutive rise, there may be a short-term pullback and consolidation, but as long as key support holds, the upward momentum can continue. Short-term support is at 3996, with major support at 3970. As long as this level holds, the bullish trend remains intact.
Trading recommendations:
Entry zone: Look to go long if prices pull back to 3990–4000 and stabilize
Stop level: 3970
First target: 4022
Second target: 4040
Position management:
Continue holding long positions opened at lower levels, and keep moving stop-losses up to breakeven to protect your profits. If you have no position, do not chase the rally at elevated levels. Wait patiently for a pullback, and enter only after the market stabilizes to improve your margin for error.
$XAU #XAU
Overall trend:
Gold bulls are surging, pushing prices higher and breaking through one high after another. A strong short-term trend is now established, so the core strategy is to follow the trend and go long—not to recklessly try to pick a top and go short.
Market review:
After starting at 3919 in the morning session, prices continued to rally, reaching a high of 4022.53. The current price is consolidating near 4017 at elevated levels. The 15-minute SAR support has risen to 3970, and lows continue to move higher. Bullish momentum is strong, so pullbacks are more likely to build strength for another move up.
Market outlook:
This rally is a fund-driven bullish breakout. After the consecutive rise, there may be a short-term pullback and consolidation, but as long as key support holds, the upward momentum can continue. Short-term support is at 3996, with major support at 3970. As long as this level holds, the bullish trend remains intact.
Trading recommendations:
Entry zone: Look to go long if prices pull back to 3990–4000 and stabilize
Stop level: 3970
First target: 4022
Second target: 4040
Position management:
Continue holding long positions opened at lower levels, and keep moving stop-losses up to breakeven to protect your profits. If you have no position, do not chase the rally at elevated levels. Wait patiently for a pullback, and enter only after the market stabilizes to improve your margin for error.
$XAU #XAU
