Daily Gold, Morning Session (11/13):
(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!)
Yesterday I mentioned that gold could plunge to 3700 this week, and it has now basically covered half the distance.
Someone asked: Are we no longer considering 3800 as support?
As mentioned before, a breakout upward is in preparation for a better break downward!
If gold had not broken above the trendline over the past two days, then 3800 would indeed have been a fairly important support level. But after breaking above the trendline and then turning back, it has gained plenty of downward momentum.
Therefore, my view is that 3700 is a fairly important support level before gold heads toward 3500.
Without a doubt, the outlook for gold today remains bearish, and today's drop could be even more forceful than yesterday's.
First, it is still nearly 200 points away from 3700;
Second, the bulls could still see support yesterday, but not today. All that's left is a suspended heavy sword, ready to fall at any moment.
Today's main resistance is around 3920, which is also the best entry point for new short positions.
Of course, whether it can rebound to that level remains to be seen; we'll find out when the Shanghai market opens later.#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!)
Yesterday I mentioned that gold could plunge to 3700 this week, and it has now basically covered half the distance.
Someone asked: Are we no longer considering 3800 as support?
As mentioned before, a breakout upward is in preparation for a better break downward!
If gold had not broken above the trendline over the past two days, then 3800 would indeed have been a fairly important support level. But after breaking above the trendline and then turning back, it has gained plenty of downward momentum.
Therefore, my view is that 3700 is a fairly important support level before gold heads toward 3500.
Without a doubt, the outlook for gold today remains bearish, and today's drop could be even more forceful than yesterday's.
First, it is still nearly 200 points away from 3700;
Second, the bulls could still see support yesterday, but not today. All that's left is a suspended heavy sword, ready to fall at any moment.
Today's main resistance is around 3920, which is also the best entry point for new short positions.
Of course, whether it can rebound to that level remains to be seen; we'll find out when the Shanghai market opens later.#XAUUSD $XAU