Gold Rises Strongly To Test Key Resistance!
Updated
Gold Technical Analysis, October 11
From a technical point of view, gold has indeed rebounded at the daily level, but the K-line is still under pressure from the short-term moving average, and the overall weak pattern still exists. Although the rebound has repaired some technical patterns, overall, gold may maintain a weak trend of high-level fluctuations on the daily chart. The current market is still running in a relatively obvious channel range. Even if the big positive line rose yesterday, it does not mean that the market has completely reversed. It is still necessary to observe the breakthrough of the upper pressure level.
On the 4-hour chart, the gold price did not continue to fall strongly after breaking below the middle Yin line, but fell into a shock, consuming the downward momentum. In the past few days, the gold price has repeatedly tested the support of the 2604 line, but has not been effectively broken, showing that the support at this position is relatively strong. If the short-term cannot fall below the support level of 2600, it will be difficult for gold to form further deep adjustments.
From the 1-hour chart, the gold price is currently running above the moving average, and multiple moving averages have begun to overlap. The formation of a golden cross is almost certain, which will further enhance the momentum of the bulls. Focus on the 2650 pressure level on the upper side. If it can break through this position, it means that this round of correction may have ended and gold is expected to continue to rise. On the contrary, if it cannot break through effectively, gold may continue to fluctuate or even fall. The current trading strategy should pay close attention to the changes in key support and pressure levels, and choose to follow the trend in combination with the short-term market.
On the whole, today's short-term gold operation ideas suggest that shorting at high positions is the main method, and longing at low positions is supplemented.
The upper short-term focus is on the 2647-2650 resistance range
The lower short-term focus is on the 2620-2624 support range
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From a technical point of view, gold has indeed rebounded at the daily level, but the K-line is still under pressure from the short-term moving average, and the overall weak pattern still exists. Although the rebound has repaired some technical patterns, overall, gold may maintain a weak trend of high-level fluctuations on the daily chart. The current market is still running in a relatively obvious channel range. Even if the big positive line rose yesterday, it does not mean that the market has completely reversed. It is still necessary to observe the breakthrough of the upper pressure level.
On the 4-hour chart, the gold price did not continue to fall strongly after breaking below the middle Yin line, but fell into a shock, consuming the downward momentum. In the past few days, the gold price has repeatedly tested the support of the 2604 line, but has not been effectively broken, showing that the support at this position is relatively strong. If the short-term cannot fall below the support level of 2600, it will be difficult for gold to form further deep adjustments.
From the 1-hour chart, the gold price is currently running above the moving average, and multiple moving averages have begun to overlap. The formation of a golden cross is almost certain, which will further enhance the momentum of the bulls. Focus on the 2650 pressure level on the upper side. If it can break through this position, it means that this round of correction may have ended and gold is expected to continue to rise. On the contrary, if it cannot break through effectively, gold may continue to fluctuate or even fall. The current trading strategy should pay close attention to the changes in key support and pressure levels, and choose to follow the trend in combination with the short-term market.
On the whole, today's short-term gold operation ideas suggest that shorting at high positions is the main method, and longing at low positions is supplemented.
The upper short-term focus is on the 2647-2650 resistance range
The lower short-term focus is on the 2620-2624 support range
👉Thank you for following and please support us by liking and sharing the post. And leave your views in the comment section
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🎯Strategy 1: Gold Sell 2648-2650, stop loss 6-10 points, TP 2635-2630, break the position and look at the 2525 line✅
🎯Strategy 2: Gold Buy 2622-2625 , stop loss 6-10 points, TP2635-2645, and look at the 2650 line if the position is broken✅
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