11.5 Luo Yi’s Morning Gold Market Analysis
Overall Trend:
A strong rally in gold has broken out of the previous consolidation range, and the broader bullish trend has regained the upper hand. In the short term, prices are consolidating at elevated levels after a strong rise. Don’t rush to chase shorts; a pullback to support would offer a better opportunity to buy at a lower price.
Market Recap:
Prices gained momentum overnight, rising from around 3919 to a high of 4070. The current price is around 4060. Momentum has eased somewhat after the sharp rally, and the market has entered a brief consolidation phase. Resistance is concentrated at 4070, with the first support level at 4036.
Market Outlook:
This rally has broken the market out of its consolidation pattern, with bullish momentum fully unleashed. Sharp gains are often followed by choppy pullbacks, so it’s not ideal to chase prices higher in the short term. Wait for a pullback to confirm support before entering. If prices hold above 4070, the bulls may open up further upside; a break below 4036 would trigger a deeper correction.
Trading Recommendations:
Entry range: Scale into long positions on a pullback to 4035–4040
Stop level: 4028
First target: 4070
Second target: 4090
$XAU #XAU
Overall Trend:
A strong rally in gold has broken out of the previous consolidation range, and the broader bullish trend has regained the upper hand. In the short term, prices are consolidating at elevated levels after a strong rise. Don’t rush to chase shorts; a pullback to support would offer a better opportunity to buy at a lower price.
Market Recap:
Prices gained momentum overnight, rising from around 3919 to a high of 4070. The current price is around 4060. Momentum has eased somewhat after the sharp rally, and the market has entered a brief consolidation phase. Resistance is concentrated at 4070, with the first support level at 4036.
Market Outlook:
This rally has broken the market out of its consolidation pattern, with bullish momentum fully unleashed. Sharp gains are often followed by choppy pullbacks, so it’s not ideal to chase prices higher in the short term. Wait for a pullback to confirm support before entering. If prices hold above 4070, the bulls may open up further upside; a break below 4036 would trigger a deeper correction.
Trading Recommendations:
Entry range: Scale into long positions on a pullback to 4035–4040
Stop level: 4028
First target: 4070
Second target: 4090
$XAU #XAU
