$XAU $BTC Wednesday Trade Setup Summary and Early-Morning Outlook for 11/12
First, today's overall strategy matched the market perfectly. The Asian session rebounded in the morning, climbing from the open at 4034 to 4066, and we also recommended going long. When the European session began in the afternoon, the market turned choppy and moved lower, so we switched to a short strategy. In the evening, we emphasized the importance of the 4033 level. Since the U.S. session opened, the price has dropped sharply below 4033. We said that if it broke below that level, the next targets would be 4010 and then 4000. After rebounding at 40107, the market broke lower again. The current price has reached the low of 4000. We placed a total of 7 trades today, capturing 132 points, or $112560. Whether it was the Asian-session rebound, the shift to a choppy decline in the European session, or the key support reached after the U.S. session's drop, we laid it all out clearly for everyone.
On the 4-hour chart, the price has twice rallied and retreated, forming a textbook double top. The rising trendline that had supported the price has been broken, and the 4086 and 4033 support levels we had been watching have both given way. The broader market structure has decisively shifted to the downside. On the 1-hour chart, the price is steadily declining within a falling channel. Each modest rebound is quickly met with selling pressure, and bullish attempts have no staying power—a clear sign of weakness. Gold has now reached the key 4000 level, the last line of defense in the short term. If support at 4000 is decisively broken, the downside could open further, with 3970 as the next target. The bears currently have the upper hand, so don't rush to buy the dip and bet on a rebound. Bottom-fishing is extremely risky in a weak market; wait patiently for signs of stabilization before deciding what to do.
Early Thursday trading plan: Short on a rebound to 4020–4030, target 3970; if that breaks, look for 3950.
First, today's overall strategy matched the market perfectly. The Asian session rebounded in the morning, climbing from the open at 4034 to 4066, and we also recommended going long. When the European session began in the afternoon, the market turned choppy and moved lower, so we switched to a short strategy. In the evening, we emphasized the importance of the 4033 level. Since the U.S. session opened, the price has dropped sharply below 4033. We said that if it broke below that level, the next targets would be 4010 and then 4000. After rebounding at 40107, the market broke lower again. The current price has reached the low of 4000. We placed a total of 7 trades today, capturing 132 points, or $112560. Whether it was the Asian-session rebound, the shift to a choppy decline in the European session, or the key support reached after the U.S. session's drop, we laid it all out clearly for everyone.
On the 4-hour chart, the price has twice rallied and retreated, forming a textbook double top. The rising trendline that had supported the price has been broken, and the 4086 and 4033 support levels we had been watching have both given way. The broader market structure has decisively shifted to the downside. On the 1-hour chart, the price is steadily declining within a falling channel. Each modest rebound is quickly met with selling pressure, and bullish attempts have no staying power—a clear sign of weakness. Gold has now reached the key 4000 level, the last line of defense in the short term. If support at 4000 is decisively broken, the downside could open further, with 3970 as the next target. The bears currently have the upper hand, so don't rush to buy the dip and bet on a rebound. Bottom-fishing is extremely risky in a weak market; wait patiently for signs of stabilization before deciding what to do.
Early Thursday trading plan: Short on a rebound to 4020–4030, target 3970; if that breaks, look for 3950.
