🔶Yesterday, the price of gold fluctuated violently, falling sharply from 2790 to 2730, a drop of 60$. With the rebound after the sharp drop, the current price is testing the resistance of 2758. If it breaks through this position, gold is expected to return to the previous oscillation range of 2771-2790 again, and may launch an attack on 2800 again.
🔶From the daily line, after yesterday's sharp drop, the current market is in a stage of restorative rebound. The upper 2750 has tested the rebound many times and has become a short-term strong pressure position. And 2758 is the top of the horizontal range, the current long-short dividing point. The gold price has fallen back to the central support of the upward channel and formed a rebound. The key support level below is 2715. Once it falls below, the upward trend will end in the short term.
🔶From the 4-hour chart, the current price has fallen back to the previous horizontal range, and the rebound from 2730 forms an ascending triangle pattern, testing the 2758 line
🔶From the 1-hour chart, the short-term trend shows a volatile rise. 2730 below is yesterday's low support. If it falls below this level, it may test 2715.
🔶Overall, the current trend is still bullish, and the short-term rebound repair is strong. It is best to successfully stabilize at 2758 and then steadily follow up with long orders. Or short-term repairs and retraces to 2738 for the second time, then participate in long orders near 2740. At the same time, pay attention to the support levels of 2730 and 2715 below. Once they break down, the long position layout needs to be re-evaluated.
đź”´Short-term upper resistance range @ 2758-2760
🟢Short-term lower support range @ 2738-2743
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This trading day the U.S. Labor Department will release its October employment report, the last important economic data before next week's election. The Federal Reserve is expected to ignore the employment report and cut interest rates by 25 basis points next Thursday. According to data, non-farm payrolls may increase by 113,000 this month after increasing by 254,000 in September. The unemployment rate is expected to remain unchanged at 4.1%. In addition, after the release of non-farm data, the U.S. ISM Manufacturing PMI for October will also be released, which investors also need to pay close attention to. In addition, it should be reminded that there are reports that Iran is preparing to launch a retaliatory strike against Israel from Iraq in the next few days. Gold prices are still supported by bargain hunting and safe-haven buying. Investors need to be cautious and manage their account funds and positions reasonably.Trade active
GOLD SELL @ 2753-2755
⛔️SL 2762
🎯TP 2735
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After yesterday's sharp drop, gold entered the rebound and repair stage today. After the current correction to test the 2758 line, it is under pressure and weakened in the short term. The rebound ends in the short term and enters the adjustment stage. If this stage returns to the previous downward trend, the short-term support below will be 2743 and 2735. In terms of short-term thinking, the main focus is on short-selling at high levels. Pay attention to the 2758-2762 area above
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.