Daily Gold, Morning Session (11/6):
(Daily Gold is only a personal intraday short-term analysis and forecast, and should not be used as a basis for copy trading. Trading involves risks, so please prioritize risk management!)
Last night could hardly be called anything other than “Black Thursday”; surprisingly, gold was the asset that held up best.
How will gold move today? It’s a bit of a tough call. On the one hand, there is heavy resistance overhead. Gold has rebounded from 3870 to here, so a pullback would be reasonable;
On the other hand, gold broke through the descending channel that had held for two months yesterday morning. If it refuses to pull back after breaking through, that suggests it intends to keep climbing.
The main intraday support is around 4050. A break below this level would end this rally;
The first resistance overhead is 4115. If gold cannot hold above this level, then its current refusal to fall is just an illusion.
It’s not that it can’t fall—it’s waiting for an opportunity!
If gold continues to climb and breaks through resistance at 4147, can it go straight on to challenge 4220?
The answer is: perhaps not yet!
Because the resistance around 4170 should not be underestimated either. When it first approaches 4170, you can try a short; in the 4220–4230 zone, you should definitely try a short.
If gold shows no intention of pushing above 4147, then 4115–4120 is the absolute resistance for now. As long as Shanghai gold doesn’t make any unexpected moves after the market opens, you can try a short within the 4115 zone, with a stop-loss in place. The first target is 4050; a break below 4050 could then accelerate the decline.
The nonfarm payrolls data is due tonight. Since daylight saving time has ended, it will be released at 21:30. Please manage risk carefully during trading!#XAUUSD $XAU
(Daily Gold is only a personal intraday short-term analysis and forecast, and should not be used as a basis for copy trading. Trading involves risks, so please prioritize risk management!)
Last night could hardly be called anything other than “Black Thursday”; surprisingly, gold was the asset that held up best.
How will gold move today? It’s a bit of a tough call. On the one hand, there is heavy resistance overhead. Gold has rebounded from 3870 to here, so a pullback would be reasonable;
On the other hand, gold broke through the descending channel that had held for two months yesterday morning. If it refuses to pull back after breaking through, that suggests it intends to keep climbing.
The main intraday support is around 4050. A break below this level would end this rally;
The first resistance overhead is 4115. If gold cannot hold above this level, then its current refusal to fall is just an illusion.
It’s not that it can’t fall—it’s waiting for an opportunity!
If gold continues to climb and breaks through resistance at 4147, can it go straight on to challenge 4220?
The answer is: perhaps not yet!
Because the resistance around 4170 should not be underestimated either. When it first approaches 4170, you can try a short; in the 4220–4230 zone, you should definitely try a short.
If gold shows no intention of pushing above 4147, then 4115–4120 is the absolute resistance for now. As long as Shanghai gold doesn’t make any unexpected moves after the market opens, you can try a short within the 4115 zone, with a stop-loss in place. The first target is 4050; a break below 4050 could then accelerate the decline.
The nonfarm payrolls data is due tonight. Since daylight saving time has ended, it will be released at 21:30. Please manage risk carefully during trading!#XAUUSD $XAU