$XAU Thursday Strategy Recap and Outlook for the Early Hours of Nov. 6
Gold surged again during Thursday’s Asian session. After a slight test of the previous high at the open, prices began climbing near the session’s close, broke through 4100, and reached a high of 4146. We repeatedly noted strong resistance at 4146. During the European session, profit-taking was absorbed and prices moved sideways within a range. The U.S. session first tested resistance above, then quickly weakened, falling to 4075 before rebounding to trade above 4110. Overall, the market was strong on the day, climbing steadily, but the upward momentum was clearly starting to stall. Each subsequent rebound offered us an opportunity to enter short. We placed 7 trades in total today. During the morning rally, all 4 long positions we had entered in advance hit their take-profit targets. In the evening, with bearish initial jobless claims data and hawkish remarks from Hammack, we entered short positions in advance and exited decisively as prices fell, securing 3 consecutive wins and a total of $13,268 for the day. Trading has never been about making a fortune overnight; it is about sound judgment and discipline over time. The market is always there, but opportunities favor those who are prepared and know when to hold back. Don’t let short-term price swings sway you—following your plan is the key to lasting success.
In the evening, prices pulled back to test the 4086 level we had flagged earlier, then moved lower on the news. After this major rally, the market is gradually stabilizing, with short-term resistance at 4140. Before Friday’s Nonfarm Payrolls report, prices are likely to remain range-bound, with a strong one-way move unlikely. Avoid chasing highs at this stage. If you’re looking to enter long, it’s safer to wait patiently for a pullback, and don’t stubbornly hold short positions against the trend. That said, the idea of trying shorts at elevated levels remains viable. Market sentiment is very cautious, with participants waiting for the Nonfarm report to point the way. For now, the preferred approach is to buy on pullbacks. Keep your pace measured in this range-bound market, don’t let short-term spikes in either direction disrupt your plan, and wait patiently for the right entry point.
Gold trading outlook for early Friday: Buy on a pullback to 4110–4100, targeting 4140.
Gold surged again during Thursday’s Asian session. After a slight test of the previous high at the open, prices began climbing near the session’s close, broke through 4100, and reached a high of 4146. We repeatedly noted strong resistance at 4146. During the European session, profit-taking was absorbed and prices moved sideways within a range. The U.S. session first tested resistance above, then quickly weakened, falling to 4075 before rebounding to trade above 4110. Overall, the market was strong on the day, climbing steadily, but the upward momentum was clearly starting to stall. Each subsequent rebound offered us an opportunity to enter short. We placed 7 trades in total today. During the morning rally, all 4 long positions we had entered in advance hit their take-profit targets. In the evening, with bearish initial jobless claims data and hawkish remarks from Hammack, we entered short positions in advance and exited decisively as prices fell, securing 3 consecutive wins and a total of $13,268 for the day. Trading has never been about making a fortune overnight; it is about sound judgment and discipline over time. The market is always there, but opportunities favor those who are prepared and know when to hold back. Don’t let short-term price swings sway you—following your plan is the key to lasting success.
In the evening, prices pulled back to test the 4086 level we had flagged earlier, then moved lower on the news. After this major rally, the market is gradually stabilizing, with short-term resistance at 4140. Before Friday’s Nonfarm Payrolls report, prices are likely to remain range-bound, with a strong one-way move unlikely. Avoid chasing highs at this stage. If you’re looking to enter long, it’s safer to wait patiently for a pullback, and don’t stubbornly hold short positions against the trend. That said, the idea of trying shorts at elevated levels remains viable. Market sentiment is very cautious, with participants waiting for the Nonfarm report to point the way. For now, the preferred approach is to buy on pullbacks. Keep your pace measured in this range-bound market, don’t let short-term spikes in either direction disrupt your plan, and wait patiently for the right entry point.
Gold trading outlook for early Friday: Buy on a pullback to 4110–4100, targeting 4140.
