11.12 Gold Morning Analysis
Gold prices extended their downward trend, hitting an overnight low of 3968. The market is clearly weak, with bears firmly in control.
Near-term resistance is concentrated at 4010–4025. Any rebound in this range should be viewed merely as a technical correction after the sharp decline, with prices still at risk of falling again after meeting resistance. The first support below is 3982; a decisive break below it would open up further downside.
In a weak market, prioritize trading with the trend. Don’t blindly try to catch a bottom or bet on a rebound, as countertrend trades carry significant risk. Wait for a rebound toward the resistance zone before considering short positions. Set stop-losses strictly and manage position sizes carefully.
Trading strategy
Consider short positions on a rebound to 4010–4025, targeting 3982. If support breaks, look lower toward 3960–3900.
Gold prices extended their downward trend, hitting an overnight low of 3968. The market is clearly weak, with bears firmly in control.
Near-term resistance is concentrated at 4010–4025. Any rebound in this range should be viewed merely as a technical correction after the sharp decline, with prices still at risk of falling again after meeting resistance. The first support below is 3982; a decisive break below it would open up further downside.
In a weak market, prioritize trading with the trend. Don’t blindly try to catch a bottom or bet on a rebound, as countertrend trades carry significant risk. Wait for a rebound toward the resistance zone before considering short positions. Set stop-losses strictly and manage position sizes carefully.
Trading strategy
Consider short positions on a rebound to 4010–4025, targeting 3982. If support breaks, look lower toward 3960–3900.
