10.9 Gold bottoming out may not be over yet
Gold fell below the low point of the previous correction yesterday, and the daily line went out of the 5-day negative pattern. This is too much for the bull correction. The continuous negative time is too long, but from the price point of view, it is not, and the amplitude is not enough.
The price broke the short-term 5-day and 10-day moving averages, which means that the overall pattern has weakened. Especially after 5 consecutive negatives, there is still momentum for further retracement today.
For today, the probability of continuing the oscillation cycle is still very high.
1. The bottoming out and rebounding during the day, the European market rebounded.
2. The US market rushed down and continued to fall, but the European market rose, and the probability of breaking the bottom today is small. Just look at it as a shock.
3. The previous low point is supported at 2613-4.
In terms of data: EIA crude oil inventory in the United States as of October 4 (10,000 barrels)
Intraday short-term operation suggestions:
BUY: 2608 target 2628---2635
SELL: 2635 target 2625----2620
The price broke the short-term 5-day and 10-day moving averages, which means that the overall pattern has weakened. Especially after 5 consecutive negatives, there is still momentum for further retracement today.
For today, the probability of continuing the oscillation cycle is still very high.
1. The bottoming out and rebounding during the day, the European market rebounded.
2. The US market rushed down and continued to fall, but the European market rose, and the probability of breaking the bottom today is small. Just look at it as a shock.
3. The previous low point is supported at 2613-4.
In terms of data: EIA crude oil inventory in the United States as of October 4 (10,000 barrels)
Intraday short-term operation suggestions:
BUY: 2608 target 2628---2635
SELL: 2635 target 2625----2620
Comment
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