🔥Gold falls below 4,000: buy the dip or catch another falling knife?
Folks, what gold is testing most right now isn’t your reflexes—it’s your patience. As of 20:20 Beijing time on November 12, XAU/USD was at 3,954, with an intraday high of 4,001 and low of 3,924.
The U.S. October CPI rose 0.4% month over month, higher than expected. The U.S. Dollar Index was around 102.9, and the 10-year Treasury yield was nearing 5.0%, with rate-hike expectations continuing to weigh on gold. But there are still buyers in the medium to long term: central banks made net gold purchases of 321 tonnes in the third quarter, and gold ETFs saw inflows of 211 tonnes. Demand for gold as an allocation is still there.
Technically, the price remains below the 20-day and 50-day moving averages. The daily RSI is around 40, so it hasn’t reached extreme oversold territory yet. ATR is about $90, meaning a move of nearly $100 up or down in a day is nothing unusual. Chasing the rally or selling into the drop here could easily leave you whipsawed.
📍Short-term support: 3,924, 3,900, 3,877
📍Medium-term support: 3,820, 3,740, 3,650
📍Short-term resistance: 3,975, 4,001, 4,040
📍Medium-term resistance: 4,061, 4,147, 4,203
Flying Fish’s take: In the short term, rebounds are still facing pressure. A move back above 4,061 would signal a recovery, while a break above 4,203 would look like a meaningful turn stronger. If 3,877 gives way, more downside could open up. For the medium to long term, wait for the panic to subside before scaling in—don’t try to outrun the decline.
The market is moving fast, but there’s no need to rush. Chase one fewer candlestick and wait for one more confirmation—that’s how we give our capital a better chance to go the distance. Flying Fish is here to help you keep a close eye on key levels and stay steady with the pace.🐟 #Gold #XAU $XAU
Folks, what gold is testing most right now isn’t your reflexes—it’s your patience. As of 20:20 Beijing time on November 12, XAU/USD was at 3,954, with an intraday high of 4,001 and low of 3,924.
The U.S. October CPI rose 0.4% month over month, higher than expected. The U.S. Dollar Index was around 102.9, and the 10-year Treasury yield was nearing 5.0%, with rate-hike expectations continuing to weigh on gold. But there are still buyers in the medium to long term: central banks made net gold purchases of 321 tonnes in the third quarter, and gold ETFs saw inflows of 211 tonnes. Demand for gold as an allocation is still there.
Technically, the price remains below the 20-day and 50-day moving averages. The daily RSI is around 40, so it hasn’t reached extreme oversold territory yet. ATR is about $90, meaning a move of nearly $100 up or down in a day is nothing unusual. Chasing the rally or selling into the drop here could easily leave you whipsawed.
📍Short-term support: 3,924, 3,900, 3,877
📍Medium-term support: 3,820, 3,740, 3,650
📍Short-term resistance: 3,975, 4,001, 4,040
📍Medium-term resistance: 4,061, 4,147, 4,203
Flying Fish’s take: In the short term, rebounds are still facing pressure. A move back above 4,061 would signal a recovery, while a break above 4,203 would look like a meaningful turn stronger. If 3,877 gives way, more downside could open up. For the medium to long term, wait for the panic to subside before scaling in—don’t try to outrun the decline.
The market is moving fast, but there’s no need to rush. Chase one fewer candlestick and wait for one more confirmation—that’s how we give our capital a better chance to go the distance. Flying Fish is here to help you keep a close eye on key levels and stay steady with the pace.🐟 #Gold #XAU $XAU
