Guys, let me tell you what happened to gold yesterday!
Yesterday afternoon, Fed official Waller gave a speech saying he supported a rate hike in December, and that they might even go straight for a 50-basis-point hike. As soon as the news came out, gold plunged from its highs.
Then, last night, the CPI data was bearish too, putting further pressure on gold prices and sending the market lower. Fortunately, the 4,000 level is holding for now, and this pullback hasn't erased half of the gains from the previous rally.
Gold is likely to enter a choppy, range-bound phase next.
Yesterday's daily chart closed with a long bearish candle, and the damage is clear. Unless we get some particularly positive news in the short term, the market will need time to digest the force of this decline.
I've told you repeatedly during my livestreams that the market is range-bound 80% of the time. Don't expect a huge one-way move up or down every day.
Sustained trending moves like we saw late last year and early this year are rare. Most of the time, the market moves sideways for a while, makes a move, and then goes back to ranging.
Don't expect to get rich overnight. Markets don't only go up, and they don't only go down.
Today, keep a close eye on support at 4,000.
Even if there's a rebound today, it'll just be a recovery after the decline, not a reversal.
If the rebound can't get past 4,100 today, the short-term outlook will remain weak. If it can hold above 4,100, then the next resistance to watch is 4,150.
As long as 4,000 doesn't break, we can look for a short-term rebound—but it's just a rebound!
Overall, trade this as a range-bound market. Don't let your emotions take over and bet on a one-way move!$XAUT #CPI高于预期，美股与BTC再度承压
Yesterday afternoon, Fed official Waller gave a speech saying he supported a rate hike in December, and that they might even go straight for a 50-basis-point hike. As soon as the news came out, gold plunged from its highs.
Then, last night, the CPI data was bearish too, putting further pressure on gold prices and sending the market lower. Fortunately, the 4,000 level is holding for now, and this pullback hasn't erased half of the gains from the previous rally.
Gold is likely to enter a choppy, range-bound phase next.
Yesterday's daily chart closed with a long bearish candle, and the damage is clear. Unless we get some particularly positive news in the short term, the market will need time to digest the force of this decline.
I've told you repeatedly during my livestreams that the market is range-bound 80% of the time. Don't expect a huge one-way move up or down every day.
Sustained trending moves like we saw late last year and early this year are rare. Most of the time, the market moves sideways for a while, makes a move, and then goes back to ranging.
Don't expect to get rich overnight. Markets don't only go up, and they don't only go down.
Today, keep a close eye on support at 4,000.
Even if there's a rebound today, it'll just be a recovery after the decline, not a reversal.
If the rebound can't get past 4,100 today, the short-term outlook will remain weak. If it can hold above 4,100, then the next resistance to watch is 4,150.
As long as 4,000 doesn't break, we can look for a short-term rebound—but it's just a rebound!
Overall, trade this as a range-bound market. Don't let your emotions take over and bet on a one-way move!$XAUT #CPI高于预期，美股与BTC再度承压