Daily Gold, morning session (11/11):
(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 risk, so please prioritize risk management!)
That trendline from before is currently the bears’ biggest concern!
If prices can keep falling today and break below 4000, the bears will be firmly in control;
If 4010 continues to hold and prices turn upward again, this rally will break through 4150, or even 4200;
As mentioned yesterday, we went long as long as 4010 held. The daily low was 4013, so it did not break below that level.
I think we should first respect the trendline today and look for a rebound.
Since we’re looking for a rebound, let’s first identify support. The current support is the previous trendline, around 4010;
As for resistance above, that’s easy to identify too: yesterday’s support becomes today’s resistance, around 4070 and near 4108. Also keep an eye on 4056, 4080, and 4097.
With these levels established, the rest is up to time to confirm.
One thing to note: today’s bullish outlook depends on 4000 holding. If prices break below 4000, the strong bearish scenario may come into play!#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 risk, so please prioritize risk management!)
That trendline from before is currently the bears’ biggest concern!
If prices can keep falling today and break below 4000, the bears will be firmly in control;
If 4010 continues to hold and prices turn upward again, this rally will break through 4150, or even 4200;
As mentioned yesterday, we went long as long as 4010 held. The daily low was 4013, so it did not break below that level.
I think we should first respect the trendline today and look for a rebound.
Since we’re looking for a rebound, let’s first identify support. The current support is the previous trendline, around 4010;
As for resistance above, that’s easy to identify too: yesterday’s support becomes today’s resistance, around 4070 and near 4108. Also keep an eye on 4056, 4080, and 4097.
With these levels established, the rest is up to time to confirm.
One thing to note: today’s bullish outlook depends on 4000 holding. If prices break below 4000, the strong bearish scenario may come into play!#XAUUSD $XAU