11.3 Chen Jie Morning Analysis
On Tuesday, focus on the RBA decision, U.S. factory orders, and developments in the U.S. midterm elections. Official reserves remained at +23.02 tonnes, while institutional holdings edged down by 1.14 tonnes. After spiking to 3970 overnight, the price pulled back to close at 3946. It opened at 3949 this morning, dipped to 3942, then stabilized and rebounded. It is currently around 3952. The overnight pullback held above the 15-minute lower band at 3939, and this morning the price moved back above the 15-minute middle band at 3947. The 4-hour and 1-hour MACD histogram bars remain positive, and the bottoming rebound structure remains intact.
The daily chart has regained a foothold above the lower band at 3905, while the 12-hour KDJ has formed a bullish crossover at low levels. The swing recovery points toward the 12-hour middle band at 4022. However, last night's high of 3970 was rejected right at the 4-hour middle band at 3971, and the 4-hour KDJ is at a high level, indicating short-term resistance around 3971.
At around 3952, there is limited room up to the 4-hour middle band, so entering directly risks getting caught in a pullback after a spike. The 1-hour middle band has risen to 3929, coinciding with the 50% retracement level of yesterday's rally. The safest approach is to patiently wait for a pullback to the 1-hour middle-band support zone before entering.
Trading Strategy
Go long around 3925–3935, targeting 3965–3995–4025, with a stop at 3905 $XAUT
On Tuesday, focus on the RBA decision, U.S. factory orders, and developments in the U.S. midterm elections. Official reserves remained at +23.02 tonnes, while institutional holdings edged down by 1.14 tonnes. After spiking to 3970 overnight, the price pulled back to close at 3946. It opened at 3949 this morning, dipped to 3942, then stabilized and rebounded. It is currently around 3952. The overnight pullback held above the 15-minute lower band at 3939, and this morning the price moved back above the 15-minute middle band at 3947. The 4-hour and 1-hour MACD histogram bars remain positive, and the bottoming rebound structure remains intact.
The daily chart has regained a foothold above the lower band at 3905, while the 12-hour KDJ has formed a bullish crossover at low levels. The swing recovery points toward the 12-hour middle band at 4022. However, last night's high of 3970 was rejected right at the 4-hour middle band at 3971, and the 4-hour KDJ is at a high level, indicating short-term resistance around 3971.
At around 3952, there is limited room up to the 4-hour middle band, so entering directly risks getting caught in a pullback after a spike. The 1-hour middle band has risen to 3929, coinciding with the 50% retracement level of yesterday's rally. The safest approach is to patiently wait for a pullback to the 1-hour middle-band support zone before entering.
Trading Strategy
Go long around 3925–3935, targeting 3965–3995–4025, with a stop at 3905 $XAUT